Mike Norman Economics

Despite the knotty issues raised by the court’s recent ruling on the European Central Bank's program to purchase member states' public-sector bonds, there could be a silver lining. It is now more likely that the European Union will be forced to confront the main institutional weakness of its monetary union head-on.... It will be interesting to see where this goes.Project syndicateDid Germany’s Constitutional Court Inadvertently Strengthen the Eurozone? Hans-Helmut Kotz | former member of...

As Daniel Neilson describes in this crucial introduction, this is what occupied the mind of the iconoclast economist Hyman Minsky. Rather than a standard academic overview, Neilson’s book is more biographical. He situates Minsky in time and place, exploring a thinker who was forever responding to events around him.... By narrating Minsky’s theoretical developments in their historical context, Neilson introduces with clarity a body of economic thought that has become very influential in the...

The ECB is aware of its role and is ready to play it: “The Governing Council will do everything necessary within its mandate.”This is the end of financial markets’ power over national governments. This is a very positive development that makes a repeat of the austerity policy after the financial crisis at least less likely. The other problem that countries see is the Commission’s deficit limits. However, these have been suspended for the time being. It is up to politicians to adjust these...

Out of paradigm with MMT and confused, even though superficially correct. Hopefully his thinking no longer reflects that the Reserve Bank of Australia.Australian Business ReviewFocus should be on strong recovery, not budget surplus Stephen Grenville, non-resident fellow at the Lowy Institute and former deputy governor at the Reserve Bank of Australia

MMT, sort of.Washington MonthlyRepublicans Want to Sacrifice Your Social Security But Not Their Tax Cuts David Atkins

On 22-24 November 2019, International Seminar on Land, Finance, and De-dollarization was held in Macau, China, which was co-organized by Global University for Sustainability, Lingnan University, Southwest University, and the Federal University of Espirito Santo.... Michael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismDollar Recycling and Military Encirclement Michael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street...

Going mano a mano.Zero HedgeIndian And Chinese Troops Clash In Fistfight At Disputed BorderTyler Durden

Some myths are being propagated: that Putin is hiding, sloughing off responsibility to others, and providing little to no support to the population or sectors thereof during the crisis. The reality is quite different and more complex, but the crisis bodes ill for both Putin, Russia, and the world. It remains unclear who will remain standing once the multiple pandemic, oil, and economic crises have had their say.... Fairly detained look at Russia's political and economic response. Russian...

Warren Mosler sums it up pithily: Modern money as state-issued currency is a tax credit. Richard Murphy unpacks this a bit.Tax Research UKWhat is money? An explanation Richard 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 ForumAlso from Richard Murphy I would say that MMT is well-defined by the MMT economists. Most...

NumbersCalculated RiskRecession Measures and NBERBill McBride alsoAngry BearElementary Statistics Review — Hypothesis TestingRobert Waldmann