Mike Norman Economics

Thomas Palley is one of the more persistent MMT critics. His article “What’s wrong with Modern Money Theory: macro and political economic restraints on deficit-financed fiscal policy” was published just as I was finishing up this manuscript. Although I am not greatly impressed with the quality of the criticism, it covers many of the topics discussed in this chapter. If one wanted a summary critique (and not rely on my summaries) of major points of dispute, this might be the briefest...

Yesterday (October 21, 2020), the British Office of National Statistics (ONS) released the latest – Public sector finances, UK: September 2020 – which, predictably tells us that government borrowing was “£28.4 billion more than in September 2019 and the third-highest borrowing in any month since records began in 1993” and that the public debt ratio has risen to “103.5% of … GDP … this was the highest debt to GDP ratio since … 1960.” Shock horror. While I yawn. The financial media went to...

My new podcast is out. I talk about this. There is no debt. 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

 Viral load seems to make a big difference as to whether you recover quickly, or not. Thousands of people of all ages are staying sick for weeks -- even months. A study by Denmark's Aarhus University found a third of corona patients suffered long-term side effects. For some, the virus doesn't just come and go. It stays. The disease can damage the lungs, heart and brain, increasing the risk of long-term health problems.[embedded content]

The US is also warning developing countries against using Chinese finance agenciesThe US praised capitalism, free markets, and globalisation while it was out on top, but now it's rigging the market.The US is planning to offer billions of dollars in loans to developing countries in the hope of persuading them to use Western alternatives to Chinese companies...The Telegraph US to offer developing countries aid to ditch Huawei

There is a war going on. And no, it’s not the one you think. This is a war against energy efficiency. The attack is on two fronts: a battle against energy efficiency standards on the part of the current United States administration which is generally anti-regulation, and an attack on the part of everyone’s favorite new common enemy, the novel coronavirus. The global pandemic has hurt nearly every economic sector, and it’s certainly not doing energy efficiency any favors, either.…OilpriceThe...

A new report by the North Atlantic Treaty Organization (NATO) shows that more member nations are increasing their defense budgets to reach the alliance’s spending goals, but Germany, which has attracted US President Donald Trump’s ire, has yet to do so.... Sputnik InternationalNATO Military Budgets Rise, But Germany Lags Behind Alliance Defense Spending Goal

AOC has embraced MMT and is advised by MMT economists. What Stephani Kelton has done to popularize MMT generally, AOC is likely to do with the younger generations of digital natives.KotakuAlexandria Ocasio-Cortez Streams On Twitch With Hasan Piker And Pokimane, Draws Over 430,000 ViewersNathan GraysonSee alsoSputnik InternationalAOC Calls on People to Vote While Twitch Streaming, Sets Twitter Abuzz

It won't stop the project and will further alienate German and other European firms, who will view this as anti-competitive regardless of what spin the US puts on it.OilpriceU.S. Broadens Sanctions On Russia-Led Nord Stream 2 PipelineCharles KennedySee alsoTASSKremlin slams US sanctions against Nord Stream 2 as 'hostile takeover competition'