Mike Norman Economics

$2 Trillion to start. Corporate and individual income tax increases. Here's what I think. 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

This is a review of Frank LI's new book, History 2.0.The first paragraph of this post is obviously out of paradigm with MMT in holding, "In the US, the big commercial banks own the central bank (the Federal Reserve Banks)…" But the post goes on to explain that the while the supposed agenda of the US is "democracy," the reality is plutocratic oligarchy, where the elite in effect own the government through capture. That understood, the post is an interesting comparison of the US American and...

John Gaventa has been thinking, writing and theorising about power for at least four decades. His new essay ‘Linking the prepositions: using power analysis to inform strategies for social action’ should be on the reading lists of anyone at the wonkier end of the activist spectrum. It summarizes and reflects on some of the main frameworks for understanding power that have emerged over the last 50 years, including Stephen Lukes, Jo Rowlands and John’s own work on the Power Cube. There is a...

The US is deploying approximately 25% of its GDP to bolster the economy in comparison to a more timid approach from Europe, the former will likely prove better for labour market recovery.There is now hope that the global economic situation will rebound as the pace of vaccination picks up. It is, therefore, the time to take stock of the crisis in the northern hemisphere but, unfortunately, this balance sheet does not turn out well for Europe.Although the US got off to a late start with...

Several people have raised important questions about the materials of the first several parts of this extended essay and I thought it would be helpful to address some of them before continuing.Marx built on the foundation of classical economics and provided a critique of the assumptions, upon which he built his own approach. Here Professor Wolff pauses to discuss the major assumptions of classical economics, which Marx then addressed in his work. While Professor Wolff sticks to examining...

It’s Wednesday, and our edX MOOC – Modern Monetary Theory: Economics for the 21st Century – ended its four-week run today. We are exploring making it available again in the coming months as well as floating an advanced course (see below). Today, I publish a short video where I answer the questions posed by students in the MOOC as part of our last week ‘Bill Board’. We asked students to pose questions and vote on which ones they thought should be prioritised. I chose the top (almost) 3 to...

Another positive post on MMT, citing Stephanie Kelton and Randy Wray.The StrangerAfter a Mysterious Four-Year Absence, Deficit Hawks Have Returned to the White HouseCharles Mudede

Fed “stress tests” have compliant US big banks planning for up to 55% equity price reduction:NEW: Wells Fargo hits session high after saying it had a prime broker relationship with Archegos, but "did not experience losses related to closing out our exposure."" https://t.co/2FzfWush4B pic.twitter.com/HLz2IK2rL6— CNBC Now (@CNBCnow) March 30, 2021 While looks like this foreign bank allegedly taking large losses in the Archegos liquidation has been in the Fed’s doghouse for a while:Credit...

Cool video from the good old YouTube days when it was hip to be Russian (16M views):[embedded content]What happened?!?!