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Mike Norman Economics

Central Bank Independence As A Secret Ingredient? — Brian Romanchuk

Following up on my comments on the paper: “Deficits Do Matter: A Review of Modern Monetary Theory” by Farah Omran and Mark Zelmer, I am going to do a high level discussion about their claims about the value of an independent central bank. (For new readers, I am discussing this paper as I will be on a panel about Modern Monetary Theory (MMT), and Mark Zelmer is one of the participants. I am using my articles here as a way of thinking about my prepared remarks.)The headline of this article is...

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Links — 20 April 2023

Sixth Tone (China)AI Is Starting to Replace Humans in China’s Creative SectorYe ZhanhangSixth Tone (China)Can Work Survive the ChatGPT Era?Yu Mingfeng, associate professor of philosophy at Tongji University in ShanghaiCaitlinJohnstone.com (Australia)Tech Would Be Fine If We Weren’t Ruled By Monsters: Notes From The Edge Of The Narrative MatrixCaitlin Johnstone Southfront (sanctioned by the US Treasury Department)How Can I Use The Digital Yuan With Ease?Katehon (Russia)Limits To Supply Chain...

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William Mitchell — RBA Review Report ignores the real questions and proposes to entrench the failed Groupthink

Over the last few decades, I have done a lot of reading and research on the way organisations and groups deteriorate into what socio-psychologists call Groupthink, which is a system of patterned behaviour that takes the group increasingly further away from reality and sees it denying basic facts while at the same time maintaining authority for its activities and work. Academic disciplines, in particular are susceptible to this sort of dynamic, because of the hierarchical structure of the...

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Lars P. Syll’s — Why DSGE models are worse than useless

To flog a dead horse. Unfortunately, the horse is still alive and well in academia and central banks.The unsellability of DSGE models — private-sector firms do not pay lots of money to use DSGE models — is one strong argument against DSGE.But it is not the most damning critique of it.Lars P. Syll’s BlogWhy DSGE models are worse than uselessLars P. Syll | Professor, Malmo University

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William Mitchell — The so-called Inclusion Committee that recommends keeping the unemployed impoverished

It’s Wednesday and apart from music I am talking mostly about poverty – opposites indeed. The beauty of the beat against the ugliness of enforced poverty. Enforced by government policy, which if there is political will can always eliminate systemic poverty. Yesterday (April 18, 2023), a major report was released in Australia by the grand-titled Economic Inclusion Advisory Committee – 2023–24 Report to the Australian Government. It provided a series of recommendations to the new Labor...

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Silly “MMT” Drama — Brian Romanchuk

 This passage demonstrates that Murphy understands the accounting side of “MMT operations analysis” — not a big ask for a part time professor of accounting — but does not grasp economic theory nor its context. If literally everyone who has studied economic theory and is sympathetic to MMT states that the Job Guarantee is a core part of MMT and you do not understand them, the correct response is to reduce your ignorance, and not write a primer on MMT.Brian saved me the trouble writing this....

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Not too bad, considering what just happened.

Ecocnomy's balances have been drained by $125 bln already from taxes and more is coming. Despite this, stocks held up well. For now. 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 Mike Norman Twitter https://twitter.com/mikenorman Mike Norman Economics: https://www.pitbulleconomics.com Understanding the Daily Treasury Statement video course....

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Musk PTSD

STEM Musk getting PTSD from all the stress of large scale (read expensive) testing of his hypotheses….You think art degree monetarist moron Larry Summers (or any other Art degree moron for that matter) is getting PTSD from spewing the dianoia of their untestable theses?NFW…

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I’m back! Tax drain is starting. Be prepared.

Despite today's nice rally, tax drain over the next 6 weeks or is going to inect lots of volatility into stocks and risk assets. 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 Mike Norman Twitter https://twitter.com/mikenorman Mike Norman Economics: https://www.pitbulleconomics.com Understanding the Daily Treasury Statement video course....

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