Mike Norman Economics

Remembering Erich Fromm on the fortieth anniversary of his passing. Most people remember him for his book, The Art of Loving, but he wrote several other important works in sociology. Fromm’s critique of contemporary capitalism continued a year later in The Art of Loving, perhaps his best-known work. Not the most obviously socialist or Marxist book (in fact, Herbert Marcuse criticized Fromm for supposedly betraying radical thought, and becoming a “sermonistic social worker”) Fromm was...

(Draft of section to be added to my upcoming text, Recessions: Volume I.) This section was written just before the final formatting work of the text. At the time of writing, economic activity has contracted in an alarming fashion, as a result of the decisions by authorities to restrict movements to prevent the spread of the viral disease termed COVID 19.It is somewhat interesting timing to release a book on recessions near the inception of what is projected to be the most rapid contraction...

More than US$2 billion of the country’s record economic stimulus package will be used to help companies move production away from China The move coincides with what should have been a celebration of friendlier ties between the two countries, before the pandemic struck Japan to pay firms to leave China, relocate production elsewhere as part of coronavirus stimulus

This is true for any "LOAN!" that the government is arranging in response to this shutdown...it won't work... why borrow munnie to pay people WHEN YOU HAVE NO CUSTOMERS????  It's cheaper to just send them to unemployment... “That money will quickly come and go, and then you’ll kind of be back to where you are, if you don’t plan it out properly,” Rubin said. “If you just take that money and just pay people to be on payroll but there's no demand for them to work, there's no other money coming...

The Bank of England has agreed temporarily to finance government borrowing in response to COVID-19 if funds cannot immediately be raised from debt markets, reviving a measure last used to any large degree during the 2008 financial crisis. Britain's government typically borrows money direct from markets through bond issuance, and this week financial markets showed a strong appetite to fund more than 10 billion pounds of government bonds, some at record-low yields. Bank of England to...

The IFS says hundreds of thousands of people may develop chronic health conditions or mental health problems in the coming years. The full effect of the coronavirus pandemic on people's long-term and mental health will not be felt for two years, experts have predicted. Coronavirus: Health effects of a COVID-19 recession 'could be worse than the pandemic'

What we knew already. The perps accuse others of doing what they themselves are doing or have done. The power game. When I was a young man, one of my mentors told me, "You need to study power." He went on to say that power is endemic, and the only ones that actually understand it are those that use it. It's sort of like playing poker. If you don't know who the mark is, you are. IrrussianalityExposing the disinformation industry Paul Robinson | Professor, Graduate School of Public...

The mainstream financial press has been remarkably quiet about the Federal Reserve’s appointment (March 24) of BlackRock to manage its massive corporate debt purchase program in response to the Covid-19 crisis. That silence might have a simple explanation: you don’t slag your boss if you know what’s good for you. BlackRock’s CEO Larry Fink may now be the most powerful man in the world, overseeing not just the Fed’s new (potentially $4.5 trillion) corporate slush-fund, but also managing $27...

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Crude inventories built by a record amount in the latest week. What is the outlook? Invest and trade using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes/