Mike Norman Economics

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

Nick Hanauer says the mainstream economists have been captured by the oligarchs. He says how the evidence shows that a pure free market suppresses wages and employment so much that the demand falls off and a viscous circle sets in - a lack of demand means underperforming companies, which means companies employ less people and pay them less, which generally decreases the demand for goods and services, and so on. Everyone loses, except the 0.1%, the oligarchs.There's a curve, and increasing...

VenezueanalysisGovernment Signs Agreement with Opposition Factions as Guaido Declares Dialogue Over Paul DobsonReminiscence of the FutureAnd The Trolling Starts. Andrei Martyanov FAIRThe Incredible Belief That Corporate Ownership Does Not Influence Media Content Alison Rose Levy RT‘You became brothers by His grace’: Putin quotes Koran in appeal for peace in Yemen

A New York Times profile summarizes the work done by Luigi Zingales and the Stigler Center on regulating digital platforms and describes it as a necessary evolution in the traditional Chicago approach.... ProMarket — The blog of the Stigler Center at the University of Chicago Booth School of Business“The World Has Changed”: the New York Times on Luigi Zingales, the “Chicago School,” and the Threat of Tech MonopoliesSee also at ProMarketPresenting: The Stigler Center’s Report on How to Rein...

Two years ago, in Hamburg, Special Forces were deployed against black bloc looters. In France, the government routinely unleashes the feared CRS even against relatively peaceful Gilets Jaunes/Yellow Vest protesters – complete with tear gas, water cannons and supported by helicopters, and nobody invokes human rights to complain about it. The CRS deploy flash ball strikes even against the media.... Western media accounts, predictably, focus on the radical fringe, as well as the substantial...