Mike Norman Economics

...radical thinking is required now or the rental sector is itself going to collapse... Debt deflation creeping up? Tax Research UKUnless there is major rent reform we’re going to see a horrible meltdown than the downwardRichard Murphy | Professor of Practice in International Political Economy at City University, London; Director of Tax Research UK; non-executive director of Cambridge Econometrics, and a member of the Progressive Economy Forum

State and local policymakers are waiting as long as they can to impose cuts, partly because they hope that the President and Congress will deliver more aid, and partly so they can get a better sense of the crisis’ magnitude. The economic collapse happened fast and some tax revenue isn’t due yet; most states delayed income tax filing deadlines to at least July 15 (to conform to the federal delay), with others also delaying deadlines for businesses to remit sales tax. With business closures...

With governments spending on a massive scale to save industries and mitigate the economic fallout from COVID-19, they should be positioning their economies for a more sustainable future. Fortunately, far from remaining taboo, using state aid to change private-sector behavior has become common sense. Managed capitalism for public purpose versus neoliberalism as government favoring capital accumulation and preservation for unlimited growth and expecting "trickle down."Project SyndicateNo More...

Alan Kohler sits down with Professor Stephanie Kelton, author of the NYT Bestseller 'The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy' to take a deep dive into modern monetary theory and why inflation, not deficits themselves, are evidence of overspending, the idea of a job guarantee, plus much more.  Eureka ReportWhy government deficits don't matter Alan Kohler interviews Stephanie Kelton

Insolvency is a corporate term which refers to a situation where a company is unable to pay contractual liabilities when they become due. From a balance sheet perspective, it means that the assets are valued below the liabilities. The term cannot be applied to a national government that does not issue liabilities in foreign currencies. Such a government can always meet its nominal liabilities irrespective of institutional arrangements it might have put in place to create contingent flows of...

No less than two new separate reports in The South China Morning Post are warning of a coming US-China military conflict, saying the prospect is now higher than ever given that amid a rising number of naval incidents, including a recent near-collision incident, communication channels used for deconfliction have fallen silent. The observation is based in large part on new studies by China's National Institute for South China Sea showing a steep drop-off in intergovernmental communications...

Doesn't bode well for a V-shaped recovery in the offing.The WeekU.S. records highest single-day total of new coronavirus casesCatherine Garcia

For the second consecutive year, the US has been dethroned as the world's most competitive economy, thanks partially to President Trump's trade war. The US now ranks 10th (3rd in 2019), according to the Institute for Management Development's (IMD) new report on the ranking of most competitive world economies. Trade war. Zero HedgeUSA Plunges To 10th Place In World Competitiveness RankingsTyler Durden

In the latest revision to the IMF's economic outlook published this morning, the fund warns that the world is facing "a crisis like no other", and now expects global growth to shrink -4.9% in 2020, 1.9% below the April 2020 forecast of -3.0%. The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, the IMF said, adding that the recovery is projected to be more gradual than previously forecast. In 2021 global growth is projected at 5.4%...

Propaganda ploy for US domestic consumption pre-election. Mike Pompous Mike is likely preparing for his own run in the future.Moon of AlabamaPompeo's UN Move Against Iran Will Fail. Why Is He Still Pressing It?AlsoZero HedgePompeo Mocked For Saying Iranian Jets Could Strike "Asia" Through "One Way" Flights Tyler Durden