Mike Norman Economics

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

SOFR versus LIBOR. (Remember the scandal about manipulating LIBOR? SOFR addresses this.)BISJohn C Williams: 901 daysJohn C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Securities Industry and Financial Markets Association (SIFMA), New York City, 15 July 2019.

I am delighted to be in Helsinki at this important conference on monetary policy and the future of Europe's monetary union. Today I would like to discuss the broad review of the Federal Reserve's monetary policy framework that my fellow policymakers and I are undertaking this year. We are examining the policy strategy, tools, and communication practices that we use to pursue our dual-mandate goals of maximum employment and price stability. In my remarks, I will describe the motivation for...

This morning, a former deputy governor of Australia’s central bank (RBA) published a short Op Ed in the Australian Financial Review (July 16, 2019) – Why there are no free lunches from the RBA – which served as a veiled critique of Modern Monetary Theory (MMT). The problem is that the substantive analysis supported the core of the MMT literature that we have developed over 25 years, refuted the standard macroeconomics textbook treatment of the link between the government and non-government...

This one is a bit complicated and twists me in knots. I guess I'm a liberal of sorts, but many of the liberals are all for total multiculturalism, and some even advocate open borders, but it seems that many of the new immigrants don't like multiculturalism all that much, or our liberal society.It's interesting how the Conservatives are pushing this liberalism, although Labour would be no different. [embedded content]

I don't think I have already put this Mark Curtis articke out yetI'm arguing with the Tommy Robinson supporters on YouTube at the moment. They blame the left and the liberals for the mass immigration, but I'm showing them something different, that it is the British ruling establishment, the Conservatives they adore, and their policies, that is causing all the problems.Some Tommy Robinson supporters came back and called me a traitor, but I told them that it is the British ruling establishment...

Trump administration has banned Huawei saying the company could spy on Americans. The CEO of Huawei has offered to sign a no spy agreement with the UK, but Google and Apple refuse to sign such an agreement. Rick Sanchez says the US is just trying to destroy competition.As I mentioned here before, because of the lack of US regulations setting standards in the telecom industry its tech industries have been scared to invest too much. China and Europe have led the way because they have a...

ATHENS: Maverick Greek economist and former finance minister Yanis Varoufakis on Saturday accused French police of “violent” behavior over a passport check at Paris’ main airport. Varoufakis said he had just landed at Charles de Gaulle airport on a flight from Athens when a police officer standing near the plane ramp asked to see his passport. Varoufakis said he complied, but claims the officer then stuck his elbows out as he tried to pass. “The moment our elbows touched, he reacted...