Mike Norman Economics

Roger E.A. Farmer and Konstantin Platonov published "Animal Spirits in a Monetary Model" in 2019 (link). This is a continuation of Roger Farmer's research programme of working with DSGE-style models but with a notion of multiple equilibria. Within the framework, the final solution is pinned down by "animal spirits": beliefs about the future evolution of the economy.My comments here are tentative, as I am in the process of working through the mathematics of the paper. My objective is to spend...

Oh... yeah... okay...Markets are moving away from a 'Darwinistic' phase: Morning Brief https://t.co/BigLAHqW0K by @MylesUdland pic.twitter.com/QMkpFLpB9g— Yahoo Finance (@YahooFinance) December 22, 2020

If you are looking for more COVID bailout money, we don't have any. The coffers are bare. We have no rainy-day fund. We have no savings account. Congress has spent all of the money. Congress spent all of the money a long time ago...The stuff of genius. (snark) The HillDebt is not a sustainable policy decisionSen. Rand PaulStephen Roach falls into a similar hole.Project SyndicateThe Pandemic's Long Economic ShadowStephen S. Roach| | faculty member at Yale University and former chairman of...

Yesterday, I discussed the results of recent research that demonstrated the ‘trickle down’ hypothesis, which has been used to justify the sequence of tax cuts for high income recipients, was without any empirical foundation. While mainstream economists have been enchanted with that hypothesis, heterodox (including Modern Monetary Theory (MMT) economists have never considered it had any validity – neither theoretical nor empirical. But it is good that mainstream researchers are now ratifying...

Carillion and the Corruption of the British StateABOUT THE BOOKThe collapse in January 2018 of the construction giant Carillion, outsourcer of huge Government building contracts, is one of the great financial scandals of modern times. When it folded it had only £29 million in the bank and debts and other liabilities adding up to a staggering £7 billion. When the total losses were counted it was established that the banks were owed £1.3 billion in loans and that there was a hole in the...

The amateurs panicked and sold. I could see them a mile away so taking their money is easy. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes/ Download my podcasts! New one every week. https://www.buzzsprout.com/1105286 Mike Norman Twitter https://twitter.com/mikenorman

One phrase that keeps being used by mainstream economists is "fiscal dominance." This is a fuzzy term that is being used to express disapproval but yet appearing to be a neutral technical term. However, the simplest way to view the discussion is that neoclassical economics was ambushed by reality, and that they are hiding behind jargon to distract from this....Bond Economics Fiscal Dominance As ObfuscationBrian Romanchuk

 What a world - I hope there's a reason for it all!And I'm scared of heights, so it was even hard watching it [embedded content]

 Reports of atrocities supported by the American intelligence agency underscore the need to end America’s longest war.Trump wanted to bring the troops home, so his administration loosened the rules of war and sent in the CIA to set up Afghan paramilitary units to subdue the Taliban. A report in The Intercept, written by reporter Andrew Quilty, documents the horrifying consequences of this policy: Afghan paramilitary units, known as 01 and 02, have acted as death squads, launching raids...

Overall, it is too early to confirm the depth and the sustainability of the current wave of deglobalisation, but an increasing number of signals suggest a trend of deglobalisation is underway.Bruegel Deglobalisation in the context of United States-China decouplingAlicia García-Herrero and Junyun TanSee alsoSputnikUS Commerce Department Lists 103 Russian, Chinese Companies With Alleged Military TiesMintPressNewsTrump Enacts Sweeping New Sanctions on China, Iran, Venezuela. Biden Promises More...