Mike Norman Economics

After C-19 the right will try to bring in more austerity, says John Weeks, which isn't necessary, and will harm the economy. We need to fight this, he says.Even if the economy quickly returns to 2.5% annual growth, I calculate that public debt will rise to a peak of around 150% of GDP. This is around 50% more debt than the OBR expects, which seems to assume a return to near 2% growth in 2021 without any further recovery spending beyond the initial £70 billion – not tenable in my view. No...

From an unnecessary trade war to an increasingly desperate coronavirus war, two angry countries are trapped in a blame game with no easy way out. Now more than ever, both sides need to contemplate the economic and geopolitical consequences of a full rupture. Steve Bannon is getting his way.Project Syndicate The End of the US-China Relationship Stephen S. Roach, a faculty member at Yale University and former Chairman of Morgan Stanley Asia

Welcome to DiEM-TV’s ANOTHER NOW. The program that owes its existence to a mindless virus that placed capitalism in suspended animation, something not even WW2 managed to do. The one-hour discussion every Monday where, together with a weird and wonderful guest, we rant and rave with one ambition in our souls: To prevent a return to normality once the pandemic passes. This week I have the honour and the privilege to be joined by Stephanie Kelton – an academic economist who felt the need to...

See especially,  "7. Monetary Financing?"Monetary policy and the Bank of England’s balance sheet  Speech given by Gertjan Vlieghe, External Member of the Monetary Policy Committee Bank of England 23 April 2020

Things are a little odd when a Minister for Finance & Public Expenditure and Reform of a nation (Ireland) informs the press that if his government isn’t cautious in its fiscal response to the largest medical and economic crisis in a century then the “bond vigilantes” will turn on them. And this is in the context of governments around the world issuing long-term debt at negative interest rates and the relevant central bank is buying billions of government bonds with its currency-issuing...

Moderate Rebels Part 2 Super Imperialism, April 2020TRANSCRIPT – HOW THE US MAKES COUNTRIES PAY FOR ITS WARS: ECONOMICS OF AMERICAN IMPERIALISM WITH MICHAEL HUDSON | MODERATE REBELS, 24 APRIL 2020 Michael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismThe Hard Fist of American Imperialism Michael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the...

I would say this represents the extreme view on the right wrt corona virus wrt China policy response:[embedded content]

Is Pepe Escobar another conspiracy theorist, or is this true? China and countries outside of the Western block have handled Covid-19 very differently, without completely locking down their economies, or for long, although some of their methods are more authoritarian.  Pepe Escobar thinks there is another reason for the complete destruction of the Western economy, which is to bring in a new authoritarian world order, with a new banking system, with a paltry basic income, and with...

Treasury account now over $1T for first time in history...  and this is even with Mike having  withdrawals up by about $450B in the last month...However this is still not quite enough of an increase in issuance to overcome the Fed's addition of reserve assets at the Depositories and banks ability to provide additional credit is remaining a bit impaired... Treasury should increase their balance by another $1T and that would be very helpful...

I thought this was so accurate and concise; it just about sums things up. UK elite society is a big revolving door, between media & govt, military & corporations, corporations & state. UK functions more as a private club than a country. It's an oligarchy. With democratic elements but which are largely a facade. Pretence of "democracy" keeps us in line.