Mike Norman Economics

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Important. Richard Murphy reports that the era of responsibility to shareholders rather than stakeholders is over. TPTB recognize that capitalism has to be "reset." It's not working as it is and the result is social unrest. Tax Research UKWho are accounts really for? – my first column now I am back with AccountingWEBRichard Murphy | Professor of Practice in International Political Economy at City University, London; Director of Tax Research UK; non-executive director of Cambridge...

Less wonkishly, the basic problem here can be viewed in terms of the logical fallacy of hasty generalization. Hasty generalization involves extending one's one's position, or that held by one's group, universally. In philosophy this result in claims of naturalism to humanity as a whole. For example, natural law is often reducible to a particular set of Western values that is generalized. The "laws" of economics are largely of this sort, and homo economicus as a rational agent that carries...

Most important at this aristocratic level of Empire is the extent to which, despite appearances, its general contours remain unchanged. From this perspective, the much-heralded return of the nation-state—along with nationalist rhetoric, threatened trade wars and protectionist policies—should be understood not as a fracturing of the global system, but rather as so many tactical manoeuvres in the competition among aristocratic powers. The elite may no longer be titled aristocrats, but the...

They are going to add a lot of Reserves to Depositories next week:Trea­sury Sec­re­tary Steven Mnuchin said he’s work­ing closely with Fed Chairman Powell to make sure there are am­ple re­serves fol­low­ing fund­ing strains in money mar­kets in September, which he attributed in part to bank liquidity rules.https://t.co/xA76QhGFvV— Kate Davidson (@KateDavidson) December 5, 2019 Treasury ops adding about 38B Tues+Thurs and Fed adding another 25B via new operation Monday... 20B social...

This old clip just turned up on my phone. I thought it was good. [embedded content]

An anti-neocon president appears to have been surrounded by neocons in his own administration. I recent survey I came across was checking for antisemitic views in the American population. One question was, Do you think Jews hold too much power in this country? The answer yes was considered to be an antisemitic viewpoint.In the UK, 80% of Conservative Party politicians are members of Friends of Isreal, and something like 30% of Labour Party politicians are.The larger question is who should...

More conspiracy theories, you decide?Is the US run by organised crime?The Clintons, the Clinton Body Count, blackmail, the Mossad, the CIA, cocaine, drug smuggling, Epstein, and Prince Andrew.Go to 1:46:00 [embedded content] This link might take you straight to the spot.https://t.co/UPrD13Gwoa

This is the final part of a two-part discussion about the consequences of a currency-issuing government exercising different bond-issuing options. The basic Modern Monetary Theory (MMT) position is for the currency-issuing government to abandon the unnecessary practice of issuing debt (which is a hangover from the fixed exchange rate, gold standard days). Currency-issuing governments should use that capacity to advance general well-being and providing corporate welfare to underpin and...

There is no substitute for the ‘big picture’. Economists should not be doctors but social scientists, or more accurately they should develop an economics that recognises the wider social forces that drive economic models, in particular, the social mode of production that is capitalism. That is political economy, mostly not taught in universities and certainly not practised in international agencies.... Michael Roberts Blog — blogging from a marxist economistEconomics as a social...