Mike Norman Economics

Debts that can’t be paid, won’t be. That point inevitably arrives on the liabilities side of the economy’s balance sheet. But what of the asset side? One person’s debt is a creditor’s claim for payment. This is defined as “savings,” even though banks simply create credit endogenously on their own computers without needing any prior savings. When debts can’t be paid and debtors default, what happens to these creditors?  Michael Hudson — On Finance, Real Estate And The Powers Of...

J.W. Mason posted an interesting list of arguments to not worry about government debt levels in "A Baker's Dozen of Reasons not to Worry About Government Debt." On reading it, I realised that one could cut through the whole thing by arguing as follows: the reason why we should not worry about government debt in a country like the United State is that nobody can come up with a (not highly disputable*) reason why that the stock of debt matters.I will largely leave that assertion for the...

Fort Russ NewsCzech military expert: Russia was to be dismembered in the ’90s Drago BosnicThe GrayzoneUS sanctions threaten famine in Venezuela, leading economist warns Aaron MatéMoon of AlabamaThe U.S. Stunt In Hong Kong Will Make Other Issues More Difficult Craig Murray BlogTanker Seizures and the Threat to the Global Economy from Resurgent Imperialism Craig Murray, formerly British ambassador to Uzbekistan and Rector of the University of Dundee AxiosHunter Biden's Ukraine job raises...

Bard College Economics Professor L. Randall Wray explains the controversial idea that’s gaining acceptance with Bloomberg's Cristina Lindblad and Peter Coy. [embedded content] But the right-wing doomsters are going full pelt underneath. From the comments section - It is amazing that someone calls himself economist after ignoring economic history. ALL nations who printed/coined/digitalised money at will went broke. It takes an hour or two to study cases like Greece, Rome, Byzantine...

Some guy called Robert Elliott has put out in the Guardian some of the most blatant misinformation I've ever come across. What is so diabolical about the article is that Elliott says he's the CEO of a company that he set up to counter disinformation, especially from Russia.If you read the article you will see that Elliott's company gets some funding from the British government.Elliott says Maduro was behind a coup in Venezuela, but Jimmy Carter observed the elections and said they were the...

I use a simple rule. If you want to have an idea of what we will be facing by the middle of this century absent concerted action on climate change, then what we think of today, what we perceive, what we describe as record heat or a record heat wave— in a few decades, we will simply call that summer. The typical summer day will be like the most extreme day that we have seen in our lifetimes at this point. And what unusual heat, record heat, will look like at that point, we don’t even have...

Real-World Economics Review BlogUnderstanding global inequality in the 21st century Jayati Ghosh | Professor of Economics at the Centre for Economic Studies and Planning, School of Social Sciences, at the Jawaharlal Nehru University, in New Delhi Caitlin Johnstone — Rogue JournalistThe Real Reason The Propagandists Have Been Promoting Russia HysteriaHow To Inoculate Yourself From Establishment BullshitEight Thoughts On Marianne Williamson Caitlin Johnstone TASSUS deployment of weapons...

"Save munnie!!!" :p BREAKING: US government will resume executions after 16-year pause. https://t.co/XS3Snkin3V— MSNBC (@MSNBC) July 25, 2019

Tucker Carlson nails it!The Dems kept saying they had evidence, but have never been able to produce any, and nor has anyone else. [embedded content]

This policy inclination – both local and one suggested in IMF programs towards over-relying on policy rate on curtailing aggregate demand, is indeed a disproportionate response to correctly and effectively addressing inflation and low growth challenge. Pakistan, therefore, needs a balanced monetary and fiscal policy response to tackle the issues of stagflation. The policy should focus on both the aggregate – demand and supply sides. This will also help bring a much-needed boost in the...