Mike Norman Economics

This is Part 2 of a series that is developing here on the topic of Modern Monetary Theory (MMT) and power. I often read that Modern Monetary Theory (MMT) is defective because it has no theory of power relations. Some critics link this in their narrative to their claim that MMT also has no theory of inflation. They then proceed to attack concepts such as employment buffers, on the grounds, that MMT cannot propose a solution to inflation if it has no understanding of how power relations cause...

 Originally published by The Japanese Times but it was behind a paywall, so I searched for it and found it at Rense.com. It's a parallel to how the US is treating China today. Pearl Harbor didn't just fall out of the sky. It followed a long chain of events that had filled many Japanese minds with resentment and hostility against the Western powers in general and the U.S. in particular. The first came in 1853 when U.S. Commodore Matthew Perry confronted Japan with a squadron of gunboats --...

The imperatives motivating Chinese leaders towards greater technological self-reliance have the potential to drive China further outside of the mainstream of the global economy. Were China to succeed in achieving greater technological independence from the West, the global economy could fundamentally change. Whether or not China will feel compelled to go down this path remains uncertain as the world seems to be shifting away from techno-globalism towards techno-nationalism...."Whether or not...

The Russian President added that everything that the United States did with regard to Nord Stream 2 was beneficial only to them….Germany was just not that into buying expensive US gas.TASSUS sanctions against Nord Stream 2 become meaningless - Putin

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/