Mike Norman Economics

When I first wrote on MNE's, I put out a glowing article on MMT, but I added some Jungian psychology, Buddhisn, and new age mysticism - all leading to a brave new world! I was full of enthusiasm, but I got called a windbag. Well, I did get carried away a bit as I was new to MMT and I simply adored it, because all of a sudden I saw we could afford to have a social democracy after all.But just listen to this guy, he is as enthusiastic as me - but without the Jungian psychology. [embedded...

Tom posted these two today below we can read Bill describe things:A. ...the government tells the central bank to pay some bills to, say, road building companies etc and offers them a bit of paper in return bearing no interest.  The central bank credits the bank accounts of the infrastructure providers... So what fiscal deficits do in this case is expand excess reserves – after all the transactions are exhausted – the liquidity injection from the net public spending shows up as excess...

The MMTer is Warren Mosler in conversation with Eric Peters who reports it. I perused the comments. Out of dozens, only one person gets it. The rest are moronic. Zero HedgeAn MMTer Explains MMT In 320 WordsEric Peters, CIO of One River Asset Management

It's becoming clear that Earth, its atmosphere and surrounding space constitute a delicately balanced ecosystem that requires being viewed and treated as a common pool resource. Elinor Ostrom’s (1990; 2009) research focuses on common pool resources (CPR) and the dilemmas they have posed for their users and society. A CPR is a resource such as a fishing ground, an irrigation system, ground water, pasture land for grazing animals, etc. that jointly benefits a group of people (the users) but...

Informative post on what really went down in the BBC reporting "incident," along with speculation on why it happened. He is willing to cut some space. Worth a read.Moon of AlabamaHow The News About Italian Far-Right Fighters In Ukraine Got Confused

I've been debating with some Tommy Robinson supporters on YouTube recently, but they have gone quite now. If they come back I will put this out.DECLASSIFIED. The files on Uganda show total UK support for the Idi Amin coup in 1971 and consolidation of the regime as it began repression and murder. UK armed/trained the regime and welcomed Amin to London to meet Queen. He went on to kill up to 500k. http://markcurtis.info/2018/01/20/uganda-declassified/

'Corporate capture': HSBC, RBS, Barclays, Morgan Stanley and banking lobby group UK Finance have been given places on board which sets priorities for combating economic crime The foxes guarding the hens. Government plans to combat money laundering, fraud and other economic crimes have come under fire for allowing banks that have previously been implicated in wrongdoing to play a key role in writing the new rules. The National Crime Agency estimates that hundreds of billions of pounds of...

Debt ceiling deal may result in much higher spending.

If the model of the market-compliant democracy has outlived its usefulness, it is time to look for an alternative political vision. It must convince people that politicians can solve the problems of the 21st century. This kind of alternative blueprint for society needs a theoretical basis. Modern Monetary Theory (MMT) can make an important contribution. Understanding MMT enables us to envisage progressive politics without getting tangled up in misguided debates about whether we can ‘afford’...

China is already there. Why. Government permissiveness that has not been forthcoming in the West since it would greatly reduce banks' revenue from retail transactions. But in China the banking system is largely government owned, so it is not the same issue.The DiplomatChina’s Digital Payment Revolution: Lessons for Libra Dongyao Nie, news researcher at Al Jazeera English based in Washington DC