Mike Norman Economics

...That answer showed Chat understands the basics of MMT. I asked why it didn’t mention MMT until I did, and was it promoting artificial ignorance.The answer came back: “I apologize if it seemed that I was promoting artificial ignorance or neglecting the mention of modern monetary theory. As an AI language model, my purpose is to provide information and answer questions to the best of my abilities based on the knowledge I have been trained on. However, due to the limitations of text-based...

The same psycho behavior by the monetarists over and over again. It’s comical. 

China rolled out its first open-source desktop operating system, called openKylin 1.0, on Wednesday, a key move that indicates the country has the ability to build its own self-developed operating system and fill the gaps in this field.The openKylin 1.0 was developed by a group of Chinese companies led by China Electronics Corp, the country's largest State-owned comprehensive electronic information enterprise group. Other participants include the China Industrial Control Systems Cyber...

Two weeks ago, thousands of representatives from businesses and governments from across the world gathered in London to “support Ukraine’s recovery”. But was the gathering of all those Western corporate elites at the Ukraine Recovery Conference entirely altruistic? There are, after all, massive profit opportunities being created by the war.As Michael Hudson foresaw coming.UnherdThe capitalists are circling over UkraineThomas Fazi (co-author with Bill Mitchell of Reclaiming the State)

In 1978, during my postgraduate studies at the University of Melbourne I came up with the idea of a Job Guarantee – although I didn’t call it that then. I have written about it extensively since then and you can see some of the non-academic work published in this blog under the category – Job Guarantee. Among the many blog posts is this one – Some historical thinking about the Job Guarantee (February 25, 2021) – where I discuss some of the provenance of the idea. It is hard to get people...

Physical flows are strong. The trend is up through August 15.

Recently, I wrote about the conditions that dictate what impacts interest rate changes will have on aggregate spending and demand-driven inflation in direction, magnitude and temporality – see RBA governor’s ‘Qu’ils mangent de la brioche’ moments of disdain (June 8, 2023). It is highly likely in many cases, the decisions by central banks to increase interest rates, ostensibly to ‘fight inflation’ actually make inflation worse. More people are starting to understand that point even though...

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Happy Fourth of July, everybody! My thoughts on the market and looking forward.

Jayati Ghosh speaks about the growing debt crisis in the global south, the IMF’s never-ending affinity for austerity and the need to confront the power of financial capital.Jayati Ghosh has already teamed up with Michael Hudson on this. Financial capitalism interfaces with neoliberalism, neo-imperialism, and neocolonialism by gaining control using investment and debt, enforced by the "rules-based order" to the advantage of financial capital, which the Global North/West uses to dominate the...