Mike Norman Economics

The long-awaited "phase one" deal between the United States and China has not ended US trade warfare. Instead, President Donald Trump's administration has devised yet another tool with which to tilt the playing field against foreign competitors, all but ensuring that damaging and unnecessary trade conflicts will continue. The US is all for "free markets, free trade, and free capital flows when it  benefits the US elite, but not so much when the table turns as US firms are outcompeted....

American "exceptionalism" at work. (snark)Asia TimesWhy the US is losing its war against HuaweiDavid P. Goldman

Richard Murphy comments on Peter Bofinger's article, linked to here at MNE yesterday. Progressives and others on the so-called left need to read and understand this. The right won't pay any attention to it since it is Keynesian.Tax Research UKWhy the fantasy world of neoclassical economics is undermining our wellbeingRichard Murphy | Professor of Practice in International Political Economy at City University, London; Director of Tax Research UK; non-executive director of Cambridge...

They are on to it a bit but still don't understand the Reserve policy effect on regulatory leverage ... so could cause another GFC2 at any time with a big Reserve increase...GFC2 still 100% in play...They still think "more Reserves is better!" which fits with their Monetarist axiom "banks lend out the Reserves!"...  ie their continuing reification error... ie Monetarist morons in charge thinking the Accounting abstractions are real...Mnuchin evidencing some ignorance on the issue: Treasury...

Renewable device could help mitigate climate change, power medical devices Some scientists on twitter describe themselves as climate optimists and say it's not too late to avert disaster. Let's hope so?Electrical engineers and microbiologists have created a device they call an 'Air-gen.' or air-powered generator, with electrically conductive protein nanowires produced by the microbe Geobacter. The Air-gen connects electrodes to the protein nanowires in such a way that electrical...

Experts in Oxford believe they can win the race to produce cheap clean power despite the many challenges, says Ellie Zolfagharifard The deniers say they are pro-capitalism, but they are not very entrepreneurial as they hate any new forms of energy over the old fossil fuels. I tell them that they are Luddites who stop capitalism from working properly, i.e, creative destruction, and that they support crony capitalism and rent seaking. If this new technology works, it will make some...

Excellent summary of the recognition of the classical fallacy by Keynes, what followed, and why neoclassical economics is proving so difficult to dislodge even though it has been discredited. Note: This is not the only fallacy that plays a part in neoclassical assumptions. The fallacy of composition is another, as Keynes also observed.Social Europe'Fridays for Keynesianism' Peter Bofinger | Professor of Economics at Würzburg University and a former member of the German Council of Economic...

Trade and invest using the concepts and understandings of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes/

Sorry finger painting time is over with this one.. back to work... We carry out stress tests to see if banks have enough capital to cope with a range of hypothetical economic situations. Each year, we assess banks based on a stress scenario that reflects the risks they face. We published the results of our latest stress test in our December 2019 Financial Stability Report.  The stress test shows if banks have enough capital to keep lending during a period of economic stress. Banks must...

I haven't done the weighted averages on the data, although it would be easy to do. The simple facts stand out. After five years most people who have cancer in the USA are alive. In fact, overall it looks like there might be a near nine in ten chance of that.And the associated cost is a 40% chance of bankruptcy. That is no way to run a health service. And yet this is the model those in office in the UK aspire to. Tax Research UKThe US does not have a model for a successful health service...