Mike Norman Economics

Work is proceeding on my "MMT primer" manuscript. One chapter I am working on (in parallel with the labour market analysis) are a discussion of what I view as serious objections to MMT as a theory. Although I want to finish off that chapter later, I am adding to it as I run into interesting criticisms. I discuss a couple of recent entries in this article. Although I do not want to derail my book with lengthy discussions of MMT critiques that are coming from every random direction, I also...

What we are up against. Unfortunately, this is where a lot of the public is on the issue. It doesn't get  much worse, right down to the Fed being a private corporation and "taxpayers on the hook."The Advertiser-TribuneModern Monetary Theory Rebecca OriansTiffin

Competition is a good thing, right? Zero HedgeChina Launches Final Beidou Satellite To Challenge America's GPSTyler Durden

The U.S. shale industry peaked without ever making money.  Over the past decade and a half, the shale industry totaled $300 billion in net negative cash flow, wrote down another $450 billion in invested capital, and saw more than 190 bankruptcies since 2010, according to a new report from Deloitte.  The U.S. shale industry more than doubled oil production over the past half-decade, a phenomenal increase in output. But “the reality is that the shale boom peaked without making money for the...

The RIC process as such is not the focal point here but the strange coincidence of the immediate backdrop of India-China border tensions. The RIC process ought have evolved over time as a dynamic vector of India’s foreign policy. But that never happened.Several reasons can be attributed to it, but principally, there are four factors: India is not a great team player and feels self-confident while pursuing its interests via bilateral channels; India is wary of giving any impression that it...

What's the national debt? It's the dollars left in the economy that are not paid in taxes. 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.pitbulleconomics.com/podcasts/

Turd world brain drain policy destroying opportunity for US students even at the land-grants...Bannon: We want all countries to be great — that doesn't happen through an imperial talent suck by the US, particularly in STEM. Competition from full-paying foreign students, workers disadvantages minority Americans.#WarRoomPandemic ?https://t.co/HuZDFNTwiv pic.twitter.com/s7jsuGAOBW— War Room: Pandemic ☣️ (@WarRoomPandemic) June 23, 2020

The Powell Manifesto aka the – Attack on American Free Enterprise System – was a memo sent on August 23, 1971 to the US Chamber of Commerce by lawyer, Lewis Powell, who had been hired by the Chamber to craft a strategy to restore the dominant position of corporate America, which had felt diminished by the gains made by workers and citizens from social democratic policies. The dominant narrative in the late 1960s was focused on the so-called ‘profit squeeze’, which related to the...

I loved Lindy Hop, Rock n' Roll never came close. Some great jazz here too. [embedded content]

What happens if you turn space-time upside-down? A parallel universe going in reverse.  This universe that’s inside the “second cone” is too far down space-time for us to see. Time might seem to run backward there from our reference frame, Learned said. But beings in that universe would still see cause coming before effect, just like we do in ours. Time runs away from the Big Bang in that universe, just like it does in ours. "Away from the Big Bang" in that universe is the...