Mike Norman Economics

At different times, the manias spread through the world’s financial and economic commentariat. We have had regular predictions that Japan was about to collapse, with a mix of hyperinflation, government insolvency, Bank of Japan negative capital and more. During the GFC, the mainstream economists were out in force predicting accelerating inflation (because of QE and rising fiscal deficits), rising bond yields and government insolvency issues (because of rising deficits and debt ratios) and...

Probably first big post debt ceiling suspension new issues day....Net 20b here 4 week securities:https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/A_20190813_2.pdf  40b here new issues 8 week securities:https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/A_20190813_1.pdf  60b total reserve reduction... from these Treasury operations today...

Self descriptive quote from Keynes who I assume was Liberal Art/dialectic trained... this is an interesting way,  as usual via figurative language from these people, to describe how the liberal art trained brain works... probably revealing...They actually think as though they are "changing their mind!" (when they synthesize?); rather than simply making a proper corrective adjustment... weird-o-rama!!! 11/"When the facts change, I change my mind. What do you do, sir?"- apocryphally...

I called that on June 26.

That was quick.Zero HedgeWhite House Denies It Is Considering Payroll Tax Cut To Boost EconomyTyler Durden

Can't wait to see the political left  $50k/year tuition student loan funded liberal art trained morons come out against this... can hear them now:  "deficit too big!!!" It is doubtful the Democratic-controlled House would even pass a payroll tax. The 6.2% tax helps to fund Medicare and Social Security, two massive programs Democrats have repeatedly warned against altering.  Rep. John Larson, D-Conn., has proposed a plan to raise the payroll tax to keep Social Security solvent. White...

Moon of Alabama Which Hong Kong Protest Size Estimate is Right? NEOKim Dong Chul’s New Testimony: More Unpleasant Truth on Espionage in North Korea Constanin Asmolov People's DispatchIncident at Hong Kong airport comes as a rude awakening Strategic Culture FoundationThe Deeper Meaning in a Lost WarAlastair Crooke | founder and director of the Conflicts Forum, and former British diplomat and senior figure in British intelligence and in European Union diplomacy

This is a key observation of Alfred Marshall that predicts the development of post-classical economics, which came to be dominated by neoclassical economics, although it was overshadowed for a time by Keynesianism, owing to the pressures of the time (war, depression, and another war). The key observation is this: Marshall notes that when people think about the main intellectual contribution of Adam Smith, they often point to what we now refer to as the "invisible hand" idea--that when...

The deficit as of August 15, was $931 bln. That's the highest in 7 years. And as a percentage of GDP it's now at 4.4%, the highest in 6 years. So why are all the prominent MMTers silent about this?Nothing from Kelton. Mosler continues to put out bearish forecasts. (Going on 5 years now!)They only talk about deficits when it's convenient for them?They say they're not political, but it seems to me that not mentioning the deficit is a way of not giving credit to Trump, even...

Typical dumb Democrat: Mayor Pete Buttigieg: "I'm, I think, much more concerned about the debt than what is fashionable among most people in my party." pic.twitter.com/XfrHDZFsqk — The Hill (@thehill) August 18, 2019 Double triggers...