Mike Norman Economics

Many economists don't understand how the banking system works, says Frances Coppola, and  go on to write inaccurate books or give ill advice to governments. Here, in this article, she severely criticises a prominent economist for writing such a misinformed book.One thing MMTers are pretty clued up on is how banking works, and yet many economists - who don't understand how banks work at all - criticise MMT.The author, a young economist with a first-class degree from Oxford, the famous English...

Should be "neoliberalism" instead of "liberalism."New StatesmanWhy is “millennial socialism” on the rise? Because liberalism is failing Lea Ypi

Complete scam...Saudi Arabia says oil output back to normal soon; crude prices plunge https://t.co/NT5SY0WBk8— Savannah Now (@SavannahNow) September 18, 2019

Still lingering effects of  "debt ceiling!" now causing a sudden collapse in Reserve Assets as Treasury seeks to quickly increase the General Account to $350b...Treasury could have done a better job in August post the suspension of the "debt ceiling!" ... by increasing net issuance sooner and more evenly on a weekly basis... instead these morons have delivered EVEN MORE chaos... and have had to do a special repo operation for some institutions that apparently have become deficient in...

It's all about the proper psychology.

I will have little time to publish blog posts in the next two weeks. But as I travel around I have to sit in trains, planes and cars and that is when I tend to write when I am away from my desk(s). Today, I am in Maastricht – after travelling by train from Paris. I have two events – one on framing and language and the other on Reclaiming the State and Modern Monetary Theory (MMT) basics. Then I am heading to Berlin for a talk at PIMCO and on Friday I am presenting an MMT workshop at the...

Governments around the world don’t need to raise taxes in order to transform their economies and avert climate disaste Ann Pettifor hasn't come around to the idea of MMT yet, but it's good news the New Green Deal could pay for itself.  So where should the money come from? There are fundamentally only two sources of financing. The first is borrowing (credit). This is achieved by applying for a loan, or issuing a bond. The second is existing savings. To raise the money for a green deal,...

Saudi stands ready to "pump!".... "money!" not more oil that is...Saudi Arabia is prepared to inject liquidity if needed, the kingdom’s central bank said, in the aftermath of attacks on its major oil facilities https://t.co/5y3knIgq04— Bloomberg Markets (@markets) September 17, 2019

looks like "Debt Ceiling!" induced "inversion!" really took its toll on sentiment last month in addition to the usual Trump Derangement Syndrome induced bearishness ... This measure at 10 year high bearishness:Recession fears among fund managers rise to highest level in a decade https://t.co/s7K65zl9KG— CNBC (@CNBC) September 17, 2019

This is going to take all of Trump's persuasion skills to prevent the Fed from increasing the policy IOR in response to these substantial wage increases he seeks to foment...Wage gains are accelerating. That’s a welcome development for workers but a possible concern for Fed officials. https://t.co/MYoa0XlOB9 pic.twitter.com/DyW0LHQ9bO— Real Time Economics (@WSJecon) September 17, 2019