Mike Norman Economics

The issue is an alternative payments system and not an alternative currency.Naked CapitalismMichael Hudson: A BRICS+ Bank: How Would It Really Function?With introduction by Yves Smith

Like most U.S. appointees to head the [World] Bank, Banga had no experience or earlier interest in development finance. Now, he is obliged to pursue U.S. interests and agendas. He has already announced he will rely on the private sector for funds and ideas....Neo-feudalism. MR OnlineDebt-pushing as financial inclusionJomo Kwame SundaramOriginally published: IPS News on October 4, 2023

The former adviser to China's central bank laments policy was influenced by supply-siders and the Maastricht criteria.PekingologyYu Yongding calls on Beijing to stimulate growth via fiscal expansion, believes 6% growth achievable Yixiu Wei, Shangjun Yang, and Zichen Wang

Today was a highly entertaining day for zombie watching!

During the – 1997 Asian financial crisis – when the IMF intervened and imposed harsh structural adjustment packages on the impacted countries (cuts in spending and interest rate hikes), we learned that IMF officials would swan in from Washington to, for example, Seoul, for a weekend, hole up in expensive hotels and by the end of the weekend profess to know everything about the country and what was good for it. Austerity followed. This is the way the IMF work. They apply mainstream New...

Finding the Money, a new film by Maren Poitras, follows economist Stephanie Kelton, research associate at the Levy Economics Institute of Bard College, on an exploration of Modern Monetary Theory—the heterodox economic policy model that reframes our understanding of government funding, spending, and national debt. “An alternative story of money will revolutionize our conception of what we as a society believe we can afford and can achieve,” says the filmmaker. Bard economists featured in the...

HighlightsDegrowth and Modern Monetary Theory form a strategic symbiosis for addressing social and ecological crises Public spending on social and ecological objectives is not constrained by tax revenues or GDP MMT needs to incorporate ecological limits to production and productive capacityTargeted fiscal and monetary policies can ensure macroeconomic and price stability during a degrowth transition Policy priorities include a job guarantee, credit regulation, price controls, tax reforms,...

Don’t fade the producers.

The Republicans that revolted against him are diehard fiscal hawks.

This post segués into being mostly about the Russian economy and specifically, the neoliberal versus "other" factions. The Putin government is mostly neoliberal economically. Gilbert Doctorow sees that as on the way out, which would be a good thing from the MMT point of view. The central bank head, Elivira Nabiullina, is the chief neoliberal and a diehard monetarist.Gilbert Doctorow — International relations, Russian affairsAre the talk shows on Russian state television just yes-men to...