Mike Norman Economics

Thread by @NathanTankus: "There was obviously a ton of discussion of liquidity this week after repo rates rose a lot and the Fed conducted thcale repurchase agreements since the Great Financial Crisis. To explain what’s happening, we need to properly […]" https://threadreaderapp.com/thread/1174992669040422912.html

I am hereby on the record 100% opposing this.After pumping another $75 billion, FED announced more 14-day term overnight repurchase agreements, or repos, in the coming weeks.Long #bitcoin! pic.twitter.com/GCN67Wj7Qm— Nejc Kodrič (@nejc_kodric) September 20, 2019

An interesting video on the history of neoliberalism.If you've ever wanted to understand what neoliberalism is, this is the series for you. The story of neoliberalism is a story about the power of ideas. Embedded liberalism was in power, but it was not without resistance. Academics and businessmen who opposed the New Deal and British social democracy were only begrudgingly accepting of the situation at best, or on the warpath against government intervention in the economy at worst. These...

Along those lines, I have a modest proposal. Eliminate the economics Ph.D, period. Offer everyone three years of graduate economics education, and no more (with a clock reset allowed for pregnancy). Did Smith, Keynes, or Hayek have an economics Ph.D? This way, no one will assume you know what you are talking about, and the underlying message is that economics learning is lifelong. Adam Smith and Friedrich Hayek were philosophers, and Keynes was a mathematician. Karl Marx, who goes...

Title a play on words of the MMT platonistic thesis "the natural rate of interest is zero!".This is expanded upon in the whitepaper here: Government taxing and security sales drain (subtract) reserves from the banking system. When the government realizes a budget deficit, there is a net reserve add to the banking system.  That is, Government deficit spending results in net credits to member bank reserves accounts. If these net credits lead to excess reserve positions, overnight interest...

Zero HedgeLuongo: Will The Yemen War Be The End Of Saudi Arabia? Tom Luongo Sputnik InternationalAccepting Houthi Responsibility for Saudi Oil Attack Means Admitting Riyadh’s War in Yemen Failed Sputnik InternationalOverseas Investors Emerging as New Owners of India's Road Assets Sputnik InternationalChinese PM Notes 'Huge Prospects' for Cooperation With Russia After Talks With Putin Checkpoint AsiaRussian Navy to Be First to Field Hypersonic Cruise Missiles on Submarines H. I. Sutton,...

I give an explanation

This was not supposed to happen. Important article.Asia TimesHouthi rebels overturned the chessboard Pepe Escobar

Finally taking on economic rent, and financial rent in particular. This is not capitalism, which is about productive investment based on risk-taking, but rather rentier oligarchy based on expropriation through rent extraction. Rentiers are free riders on the systems. Martin Wolf uses his Financial Times bully pulpit to attack it before the parasites kill the host (ht Michael Hudson).Naked CapitalismThe Financial Times’ Martin Wolf Discovers that Rentier Capitalism and Financialization...

A few weeks ago the FT came out in favour of state planning and moving towards a worker-led economy. Then, a few weeks later, it backed a caretaker Corbyn government. Now this. The times they are a changin’ https://t.co/zh3oqclwEq