Mike Norman Economics

In this post, I continue the draft of sections of my forthcoming book, “Marxian Economics: An Introduction.” The first five posts (here, here, here, here, and here) will serve as the basis for chapter 1, Marxian Economics Today. The text of this post is for Chapter 2, Marxian Economics Versus Mainstream Economics (following on from the previous posts, here, here, here, here, and here).Occasional Links & CommentaryMainstream economics then: classical political economyDavid F. Ruccio |...

We will update this analysis tomorrow once we have the full bank data, however the take home message for now is that the next time someone says that under fractional reserve banking deposits are always a consequence of loan creation - one of the core pillar of such idiotic theories as MMT - just show them the chart above."Loans create deposits," doesn't specify a quantifier. ZH assumes this says that all loans create all deposits, whereas it is plain that the MMT assertion is that all bank...

In trying to refute one of the points of MMT (that loans create deposits), Zerohedge completely ignores another major source of deposits...government spending. Dummies. 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

Energy security. It's more about alternatives to imported energy supplies than renewables. China is going nuclear.OilpriceThe Real Reason China Is Betting Big On RenewablesHaley ZarembaSputnik InternationalTrade War Heats Up as China Threatens to Cut Off Coal Imports From Australia

Shot across the bow.Zero HedgeChina Inexplicably Cancels iPhone Launch LivestreamTyler Durden

I divide macroeconomic models into two classes: teaching models, and empirical models. Teaching models are far more common, and most economic arguing about these models. An alternative name for them is "toy models," which points to the weakness of this class. They are not fit to real-world data, and so there is no reason to expect them to offer useful predictions. More dangerously, the class of teaching models is so wide that almost all scenarios can be seen as the result of such a model...

 These could be propaganda videos but somehow I don't think they are because they are far too casual. I'm not sure who Anne Gurley is, but I think she might be a Uyghur model who makes lots of videos of herself, her family, and her community for her fans. Pompeo and CJ Werlerman say 8 million Uyghurs are in concentration camps or have gone missing, but there are only 12.3 million Uyghurs in Xinjiang, so all their communities would be stressed if that were true. There is no distress being...

Nine people have developed asymptomatic Coronavirus in Qingdao, China, so the city is going to test all of its 10 million inhabitants within the next five days. It's amazing, but also look at the quality of the city's beautiful infrastructure. The whole place is like it.[embedded content]Dining out in Xinjiang Anne Gurley takes us on a guided tour of the restaurants in Xinjiang, and shows us some delicious Uyghur specialities. [embedded content]https://t.co/zkfZG9Dobi

A view from abroad. How some others see us.Not as much about the election as the state of the union.KatehonGeopolitics of American ElectionsAlexander Dugan

Justice officials in Australia, Britain, Canada, New Zealand and the US say they need access to encrypted apps to police online criminality.India and Japan, which cooperate in intelligence with the Five Eyes group, added their names to the statement.And NSA already pick up everything else.SCMPFive Eyes group demands ‘backdoor’ access to WhatsApp and other encrypted appsAFP