Mike Norman Economics

It is an act of criminal malfeasance that the United States’ federal government has not eased the tremendous fiscal pressure on states and municipalities, enabling them to prioritize public health and long-term economic wealth over immediate maintenance of tax revenue. Misgovernance of the United States presently rises to the level of war crime (and that is not just Donald Trump). A recent article by Rohan Grey, aptly titled Monetary Resilience, highlights one way this national...

Note: M. K. Bhadrakumar incorrectly asserts that Mike Pompeo was a sergeant in the US military, whereas Secretary Pompeo graduated first in class from West Point and served as an officer from 1986 to 1991, when he left the military with the rank of captain.India PunchlineUS-China trade deal unravels. What next? M. K. Bhadrakumar | retired diplomat with the Indian Foreign ServiceSee alsoNEOUS-China Relations: The Picture Remains Extremely Paradoxical Vladimir Terehov

Excellent short review of Pavlina Tcherneva's new book on the MMT job guarantee.Bond EconomicsNew Book: The Case For A Job GuaranteeBrian Romanchuk

Nobody briefed or told me, @VP Pence, or Chief of Staff @MarkMeadows about the so-called attacks on our troops in Afghanistan by Russians, as reported through an “anonymous source” by the Fake News @nytimes. Everybody is denying it & there have not been many attacks on us..... ...Nobody’s been tougher on Russia than the Trump Administration. With Corrupt Joe Biden & Obama, Russia had a field day, taking over important parts of Ukraine - Where’s Hunter? Probably just another phony...

An excellent video about China.Why is there so much anti-Chinese propaganda in the West, because over the last 30 years China has gone from a poor nation to one of the richest, with its people enjoying an ever increasing standard of living, and this worries Western leaders because we might start asking them what went wrong here in the West?Thatcher and Reagan brought in austerity and told us it would release us from the shackles of government, making our lives better and wealthier.While we...

This will be presented in 3 sections and in 3 different blog posts Backgrounder with lots of economic history in addition to social and political history. While the author is a committed socialist, which is a matter of choice based largely on values (normative), the history (positive) seems to me to factual and well-researched. It's a tightly packed summary that covers centuries, so it is a fairly long read, but worthwhile. Increasingly, world history is being made in Eurasia. The Vineyard...

Backgrounder.Consortium NewsPEPE ESCOBAR: The India-China, Himalayan Puzzle

Moon of Alabama seems to assume that bad journalism is the cause.Others assume rather that the media he mentions and similar establishment voices in other countries are complicit in a disinformation/propaganda effort.See Jorge Marinho, Journalists and Intelligence Services.Moon of AlabamaEvidence Free Press Release Claims 'Russia Did Bad, Trump Did Not Respond' - NYT, WaPo Publish ItSee alsoZero HedgeBuzzFeed "Reporter" Who Got Zerohedge Banned On Twitter, Fired For Plagiarism Tyler...

Yves here. Michael Hudson discusses the deflationary impact of the coronacrisis and how modern, misguided approaches to unsustainable debt loads are making matters worse. Remarks given at the 1st ASECU Teleconference ‘Systematic Crises Triggered the Current Pandemic & Progressive Way-Outs,’ May 8, 2020 Naked Capitalism Michael Hudson on Coronavirus and Debt Winners and LosersYves Smith

Zero progress here.... ie where it matters..... ZEEEEEEEEEEERRRROOOOOOOOOOO...... So what of the concern that the rapid growth of bank reserves will prove inflationary? This concern is misplaced. The Fed can adjust the interest rate it pays on bank reserves, controlling the cost of credit and influencing whether the reserves are lent out. Only when the bank reserves are lent out does the expansionary credit multiplier process start to work. The Fed controls this process because it controls...