Mike Norman Economics

In recalling John Maynard Keynes’s revolutionary theory of interest, reviewing the doctrines Keynes sought to overthrow, and analyzing the structural transformations of the US economy, James K. Galbraith maintains there is no alternative to a policy of low interest rates. However, such a policy cannot be effective, he argues, without a radical restructuring of the US economy as a whole.Policy note. Levy Institute of Bard CollegeIn Defense of Low Interest RatesJames K. Galbraith | Lloyd M....

While the five original BRICS states have their geopolitical differences, they are finding enormous common ground on the geoeconomic front as trade volumes surge and trade routes multiply.Warming up but not yet ready for prime time. Progress is being made but much of the hype is premature. No new currency will be announced at the upcoming meeting, although it is being discussed. The issue now is an alternative payments system for settling trade among the BRICS nations.The CradleBRICS...

Edited by Zichen Wang and now hosted at the Center for China and Globalization (CCG), a leading non-government thinktank in Beijing that takes no position on issues raised in the newsletter. Check out The East is Read by CCG as well.Longish and fairly detailed.PekingnologyIt's the economy - July Politburo meeting readout — Full translation, context, and notesZichen WangAlso by Zichen WangKishore Mahbubani's speech on The Asian 21st Century at CCGSee alsoZero HedgeChina's Politburo Aims To...

Prof. Michael Hudson’s new book, The Collapse of Antiquity: Greece and Rome as Civilization’s Oligarchic Turning Point” is a seminal event in this Year of Living Dangerously when, to paraphrase Gramsci, the old geopolitical and geoeconomic order is dying and the new one is being born at breakneck speed. Book review.Sputnik International (Russian state-sponsored media)Pepe Escobar: US Empire of Debt Headed for CollapseSee alsoThe gains for the BRICS will likely be substantialGoing where the...

The world is dividing into two blocs: a post-industrial US/NATO vs the Global MajorityPresident Biden has said that this war will be global in scope and will take many decades as it expands to ultimately isolate and break up China....Economist Jeffrey Sachs has also been warning of this impending war, cold or hot, for some time. See also Thucydides TrapMichael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismThe Looming War Against ChinaMichael Hudson | President of The...

Jason Smith is a physicist whose hobby is economics.Information EquilibriumMy eBooks are free this weekendJason Smith

Monetarists freaking out….  F’em….  😂😂😂😂The US government interest payments on the Federal debt are now higher than the annual defense spending.This is likely the initial stages of a trend, and if no solutions are implemented, other components of the fiscal agenda may soon be constrained by the escalating cost of… pic.twitter.com/hBY2haxNyG— Otavio (Tavi) Costa (@TaviCosta) July 20, 2023

When it comes to investing, they do the total opposite of what they do as consumers. 

 Useful summary of the MMT position on government finance and accounting — with copious links.The LensIt Turns Out That No One Wants to Tell the Truth About Government 'Debt'Stephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly Democrats' chief economist on the staff of the U.S. Senate Budget Committee, and an economic adviser to the 2016 presidential campaign of Senator Bernie Sanders

Intersection of geopolitics and geoeconomics concerning world trade, grain, and fertilizer.Dances with BearsGoing Against The Grain, Separating The Wheat From The Chaff – This Is How The New Black Sea Campaign Will GoJohn HelmerSee alsoSputnik International (Russian state-sponsored media)Pepe Escobar: Neocons Want War With ChinaAlsoIf Martin Armstrong is correct, more intersection of geopolitics and geoeconomics concerning world trade, grain, and fertilizer.Armstrong EconomicsSilos Destroyed...