Mike Norman Economics

Not about MMT but rather about "money."Today, I am sharing a January 12, 2024 interview of Yi Gang, former Governor of the People’s Bank of China, by 金融时报 Jinrong Shibao (literally Financial Times), a newspaper by the central bank.Yi obtained his Ph.D. in Economics from the University of Illinois Urbana–Champaign and became an Associate Professor with tenure at Indiana University–Purdue University Indianapolis, before going back to Peking University, his alma mater. He later joined the...

Not surprisingly most have a wrong understanding of this.

Paul Samuelson, the author of what still might be the most-sold textbook of the post-war era had this to say on page 427 of his first edition, addressing a subject then very close to the thoughts of many of his readers:Can it be truthfully said that “internal borrowing shifts the war burden to future generations while taxing places it on the present generation”? A thousand times no! The present generation must still give up resources to produce the munitions hurled at the enemy. In the...

This guy has been really wrong in hindsight … those that took his advice paid a high opportunity cost…THE BIGGEST BEAR ON WALL STREET HAS FINALLY CAPITULATED MIKE WILSON THE CHIEF STRATEGIST & CHAIR OF MORGAN STANLEY’S GLOBAL INVESTMENT COMMITTEE IS STEPPING DOWN AFTER YEARS OF BEING WRONG & INCOMPETENCEMIKE WILSON HAS BEEN PREDICTING A MAJOR STOCK MARKET CRASH FOR YEARS NOW pic.twitter.com/aLey57rNj5— GURGAVIN (@gurgavin) February 3, 2024

Massive move for META, which I recommended in Oct 2022.

Episode 11 in our new Manga series – The Smith Family and their Adventures with Money – is now available. We are approaching the climax for Season 1. The final episode in the series will be published on February 16, 2024.Have a bit of fun with it and circulate it to those who you think will benefit …William Mitchell — Modern Monetary TheoryThe Smith Family manga continues – Episode 11 is now availableBill Mitchell | Professor in Economics and Director of the Centre of Full Employment and...

You can literally use them as a trading system.

As the title says, the post is about "moving to a sustainable system of food production within a degrowth paradigm." The basis of the discussion is whether this can take place within the context of "capitalism." Bill argues for the position that it cannot. I have set for reasons previously explaining my agreement with this view. A major reason can be summarized as "perverse incentives." Of course, it is more complicated than that but the rubric "perverse incentives" sums up Marx's notion of...

Pepe Escobar reviews Prof. Glenn Diesen's new book, The Ukraine War & The Eurasian World Order. Escobar recently reviewed Emmanuel Todd's La Défaite de L’Occident (“The Defeat of the West”).The reviews are short and present views that suggest the world order is changing not only politically but also economically as a result of decolonization. This emerging trend portends to grow the pie for all albeit not without growing pains as the dominant parties attempt to maintain their...

China’s state-led economic development model and robust industrial policy has transformed it into what an influential European think tank calls “the world’s sole manufacturing superpower”, making up 35% of global gross production – more than the 9 next largest manufacturers combined.…China has overseen world-historic economic growth through a government-led development model, in which state-owned enterprises control the natural monopolies and “commanding heights” of the economy, state-owned...