Mike Norman Economics

 The U.S. national debt is now bigger than its economy. That might sound scary, but we’ll explain how the United States can never go broke and can actually pay all of its debts whenever it wants to. To help us, we spoke to economics professor Stephanie Kelton, author of The Deficit Myth, former chief economist on the U.S. Senate Budge Committee and a former economic advisor to Bernie Sanders.[embedded content]

Monopoly pricing power is what central banks have. Sorry inflationists's, there will be no rate hikes.

What's happening in Vienna? Pepe fills us in.The subtext is that neither Iran, nor Russia, nor China are willing to blink. If the West wants a new Cold War, so be it.The Vineyard of the SakerThe Vienna shadowplayPepe Escobar

Some years ago, I promised to write about the – Cambridge capital controversy – which saw economists associated with Cambridge University in England and MIT in Cambridge, Massachusetts argue about the validity of neoclassical distribution theory. I never wrote the blog posts because I considered the material was a little difficult for a blog audience. Also, while of great interest to me, the topic was not necessarily compulsory reading for those trying to come to terms with Modern Monetary...

Used cars up 50% ... bank stocks up 5%.... could have made more just buying used cars... A LOT more...When are you leftists going to start complaining about the “carsters!”?   Better call Pocahontas...Banks in the toilet getting crushed by their regulators... meanwhile used cars doing a moonshot and  incompetent left still complaining about those shrewd and crafty “banksters!” ...  hard to understand...Continued parabolic spike in used car prices … @Manheim_US Used Vehicle Value Index rose...

Musk says it was a test... not a trade... probably true as this is how competent technical people operate...No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.— Elon Musk (@elonmusk) April 26, 2021

I'm watching one broad aspect of the fiscal picture for warning signs. 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

Econ 101 assumes a lot of things — from the existence of a market and a medium of exchange, to being in an approximately stable macroeconomy that's near equilibrium, to the rates of change of supply and demand in response to each other, to simply the existence of a large number of agents.This is usually fine — introductory physics classes often assume you're in a gravitational field, near thermodynamic equilibrium, or even a small cosmological constant such that condensed states of matter...

The domestic slave trade was no sideshow in our history, and slave traders were not bit players on the stage. On the contrary, the trade and its operators were pervasive in American life before the Civil War. They played vital roles in shaping the demographic, political, and economic contours of a growing nation, and we ought not fool ourselves into thinking we have left that past behind. In truth, we still live in the world that Franklin and Armfield’s profits helped build, and with the...

A leading National Institutes of Health scientist who helped develop a key technology used in Pfizer and Moderna's coronavirus vaccines said this week that the U.S. government's ownership of the patent for the invention gives the Biden administration significant leverage to compel pharmaceutical companies to help boost global production.Dr. Barney Graham, deputy director of the NIH's Vaccine Research Center, told the Financial Times in an interview this week that "virtually everything that...