Mike Norman Economics

Stephanie Kelton’s new book, ‘The Deficit Myth,’ argues that the path to shared prosperity and achieving progressive goals means no longer asking how we will pay for things, and instead just creating the money to make them happen.... MMT positive.BTW, I don't bother with posting MMT negative stuff unless it makes a contribution or in some way advances informed debate. Most of the mentions are still negative and they use the same flawed reasoning if one can even call attacking a straw man...

Capital as such – self-expanding value, money that has been freed from all natural encumbrances and can finally realize its true, insane [verrückt] destiny, which is to beget more money ad infinitum – does not exist in the physical quantities model. The “metaphysical” objectification of exchange relationships, productive activities, and technical relations in money is an essential fact of capitalism. It is not one of the historical, psychological, or political background conditions of...

Last week, the results of a survey of Australian economists was released which showed that the majority supported freezing minimum wages, which normally are adjusted annually in June. The minimum wage case is currently being heard in the wage setting tribunal (Fair Work Commission) and a host of antagonists have assembled arguments to stop millions of the lowest paid workers getting a pay rise. In effect, they are advocating a real wage cut for these workers given inflation is running at...

What, then, of the empire’s own policing capabilities overseas? Here, the Trump message is a treat of confusion. He wishes to be armed for unilateralism. No more needless policing endeavours in the international arena. No unnecessary use of US armed forces to intervene in the murky, squalid affairs of international relations. The interventionist, policing streak in foreign policy reached its height with the 2005 declaration by President George W. Bush in his second inaugural address that...

One of the roundabouts near me is too dangerous to cycle around so I go underneath it. I sometimes have to pass by people a few feet away, but the risk is low, according to this report. How to avoid the virus as the world reopens | Free to read

Talk to the cops the way many of them talk to people. Assume they are guilty.WATCH: Man with Camera Turns Tables on Cop by Interrogating him like a Cop

Won't work and is really pissing off Germany, which has already rejected extraterritorial sanctions as illegal under international law. German-Russian-Chinese alliance in the making?OilpriceNew U.S. Sanctions Unlikely To Derail Nord Stream 2 Viktor Katona

And What Can Countries like the US or Netherlands Learn from It? Hammer and Dance with an initial aggressive lowdown seems to cause the least harm to the economy.      Sweden has famously followed a different coronavirus strategy than most of the rest of the Developed world: Let the virus run loose, curb it enough to make sure it doesn’t overwhelm the healthcare system like in Hubei, Italy or Spain, but don’t try to eliminate it. They think stopping it completely is impossible....

"The entire mechanism, half a trillion dollars a year of private insurance, and not only the money for the profits, but the money for the markets segmenting; the money for the entire administration that all the insurance companies do; the money that all the hospitals and the doctors have to spend to deal with the bureaucracy of insurance companies – that's half a trillion dollars a year, all of which could be spent on medical care, instead of being spent on either profits or just...

The West is deeply in trouble. Two huge examples:Covid-19: East Asian countries (e.g. China, South Korea, and Taiwan) have handled it much better than the West (e.g. the U.S., the U.K., and Italy). Black Lives Matter: There are huge protests across the West, while it's a non-issue in East Asia. So, it's time for the West to learn more about, and from, East Asian civilizations!... econintesect.comEast Asian CivilizationsFrank Li | Chinese ex-pat, Founder and President of W.E.I. (West-East...