Mike Norman Economics

Morning Star editor Ben Chacko speaks to BILL MITCHELL about the new hypothesis disproving the core assumptions of neoliberalism A good interview of Bill Mitchell from the Morning Star.Art installation : Neoliberal Pay and Sit Bench [embedded content] A Shift away from a neoliberal fixation with jobs providing profit would allow a more rational approach. In his 1980s book on walking Britain’s coast The Kingdom by the Sea, Paul Theroux notes the Thatcher government’s determination to...

Last week’s (August 2, 2019) release by the US Bureau of Labor Statistics (BLS) of their latest labour market data – Employment Situation Summary – August 2019 – reveals a labour market performance that is below the performance achieved in 2018 although there has been considerable month-to-month volatility. The US labour market is still adding jobs, albeit at a slower pace than last year. The Broad labour underutilisation ratio (U-6) remains high even though the official unemployment is...

This just out for 2Q... not very timely fwiw...  banks were starting to realize some gains in their out sized  portfolio of CCAR Tier1 quality asset due to moron induced "debt ceiling!"  bond rally... but the stall/reversal in rates has also stalled their rate of increase in Net Interest Income ofc...  can't have it both ways...   overall not too shabby considering the shitty monetary and fiscal policy conditions that quarter.. Highlights: • Net Income Rises 4.1 Percent to $62.6 Billion on...

The deficit has just surpassed $1 trillion. Actually, $1.033T as of September 5.This is the largest deficit in 7 years and the largest as a percentage of GDP in 7 years as well. (4.8% of GDP.)The deficit has experienced a rapid escalation in the past 2 years.I don't hear any cheering from the MMT gods about this.And Mosler is still bearish.

Pimpea boasted to an audience that in the CIA they lied all the time, and stole, in fact he told them they ran courses in it.  Mike Pompeo can’t get through a single interview without telling a bald-faced lie. Here he lies about Iran again: They’re investing in missile systems that they’re not allowed to have. They continue – indeed, they announced just yesterday that they’re going to continue to do more research and development on their nuclear weapon systems [bold mine-DL]. Those...

So, what's the UK government hiding? Intelligence material relating to the Manchester Arena bombing could be kept secret at victims' inquests if the government gets its way. Home Secretary Priti Patel has applied to have some material kept back from the public and victims' families, meaning some evidence could be considered behind closed doors. The move has led to fears that authorities could avoid proper scrutiny over the investigation into terrorist Salman Abedi before he killed 22 in...

The biggest surprise, however, is that China appears to be right. When contacted by Bloomberg, Apple said that, after conducting an investigation, it found the “percentage of dispatch workers exceeded our standards” and that it is “working closely with Foxconn to resolve this issue.” It added that when it finds issues, it works with suppliers to “take immediate corrective action.” Foxconn Technology Group also confirmed the dispatch worker violation following an operational review....  Zero...

It's not the 11th commandment that printing money causes more inflation, says the Cowboy Economist. He points out Milton Friedman's mistakes. So what does cause inflation? That's in Part 2.This is considered a truism by many, but it just ain't true. There are many things that cause inflation, but money growth isn't one of them. I explain why in the context of Milton Friedman's famous "The Optimum Quantity of Money" paper. [embedded content]

Get ready for it! If you thought that the demonization of Russia and incessant Russophobia over the past years from the West, with hardly a highly likely shred of evidence, was unconscionable and the absolute pinnacle of all demonization campaigns ever, get ready for the demonization of China. In true Hollywood Blockbuster style, the China Fearcampaign promises to be bigger and better theater than the complete demonization of Russia. The campaign is focused, has a highly skilled leader, is...

The case for central bank independence is built on an intellectual two-step. Step one argues there is a problem of inflation prone government. Step two argues independence is the solution to that problem. This paper challenges that case and shows it is based on false politics and economics. The paper argues central bank independence is a product of neoliberal economics and aims to institutionalize neoliberal interests. As regards economics, independence rests on a controversial construction...