Mike Norman Economics

We don't need no stinkin' (government) debt. Issuing government securities that pay interest to offset deficits is not necessary operationally under the current floating rate monetary regime. Paying interest to park wealth in a "safe asset" constitutes a government subsidy for savers. Not being necessary operationally, it can be argued that it is wasteful unless it serves public purpose.AxiosDemocratic economist: US should run deficits without debt Felix Salmon interviews Stephanie...

Market correction starting on new coronavirus fears, but bank data starting to look better. 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/

Good luck with that.Sputnik InternationalPompeo Says If China Wants to Rise, It Should Do So Based on ‘Western Rules Set’ Also RTPompeo demands Europe ditch trade with China

Here is comes. Reaction to imperial(ist) overreach.Needless to add, Russia and China are also opposed.Sputnik InternationalBritain, France, and Germany Oppose US Effort to Re-Impose Sanctions Against Iran - Joint StatementBut...Facing deep recession owing to COVID 19, the EU decides to continue punishing itself economically and to continue to lose Russian markets to BRICS anyway.  "Brilliant," especially when sanctions are benefitting Russia by increasing self-sufficiency, on one hand, and...

Good summary with a few exceptions, the following quotation being the worst. The Federal Reserve is in charge of adjusting interest rates and private banks’ “reserves,” which theoretically determines how much money they can carry. Then the banks lend that money out to their customers, often by adjusting their customers’ bank balance. In this case, the private bank has just conjured money out of thin air. But over all the author seems to have gotten what Stephanie Kelton explains for popular...

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, delivered a strong warning on the U.S. currency this week.He made four points in a speech at the Lujiazhui Forum in Shanghai:  A. The Fed is the de facto central bank of the world. When its policy targets its own economy without considering the spillover effect, the Fed is “very likely to overdraft the credit of the dollar and the U.S.” B. The pandemic may persist for a long period of time, and countries keep...

Ray McGovern responds to some questions.Ray McGovernQuestions Linger on Russia-gate

Mostly a summary of Stephanie Kelton's The Deficit Myth.Independent AustraliaWhy Keynesian economic theories are needed in the modern world Steven Hail | Lecturer in Economics, University of Adelaide

NEOWhy is the US Still Sanctioning Syria? Tony CartalucciSputnik InternationalTrump Claims US Maintains Policy Option of 'Complete Decoupling From China'US Report Claims China Intends Nuclear First Strike With Stolen Super-EMP WeaponsUS Slaps New Sanctions on Mexican Firms, Individuals and Venezuelan Oil TankersThe GrayzoneLeaked documents reveal right-wing oligarch plot to overthrow Mexico’s AMLO Ben Norton RTALL levels of Australian govt., critical infrastructure hit in ‘sophisticated...

Something similar is happening now in the United States with the ideological impact of the Black Lives Matter movement. Many people thought that racial inequality was indeed an issue in the United States. But it was seen as an ancillary issue, in need of a solution, but not in itself detracting from the view of America as a land of equal opportunity and progress for all. Under the impact of the movement, racial injustice, and many other forms of injustices, are now seen, by many people who...