Mike Norman Economics

If the plan to adopt national currency settlements between Russia and the EU succeeds, the dollar space in global trade will undoubtedly be curtailed even more. The question is how strong the impact will be. We believe the reduction is going to be noticeable, although not considerable. Currently, the Russian-EU trade accounts for about 2 percent of global trade. Given that the US dollar is used in about half of transactions, removing it from the Russian-EU relations would diminish the...

Stephanie Kelton is in Japan talking up MMT. This is a basic post with no negatives. More progress.Nippon.com (Japan)No Problem with Japan's Huge Debts: MMT Advocate Kelton

"Balanced" article on MMT (as one would expect from NPR), but not the usual rant, either. So, progress.NPR (National Public Radio)This Economic Theory Could Be Used To Pay For The Green New Deal Scott Horsely

The British MSM won't ever print this. In early 2010 Jews were being badly persecuted in Yemen. Jeremy Corbyn & Diane Abbott begged the then Labour Government to grant persecuted Jews refugee status in London. The Labour run Home Office refused to grant Jeremy & Diane’s wishes   RESETTLEMENT OF YEMENI JEWS

This is really nice, it's a podcast where a lovely young English girl asks about MMT and Stephanie Kelton and the Planet Money team answer her question. It's for beginners, but what lovely way to chill for half an hour. It was delightful!They described Stephenie Kelton as left-wing economist. She's lovely too!Episode 866: Modern Monetary TheorySome ideas seem too good to be true. Like this one. It comes from a 13-year-old listener named Amy. She says she knows the government has trouble...

For Marx and many Marxists, money is based in a commodity; in Modern Monetary Theory (MMT), it is not, being based instead in a social relationship that holds more generally than just to commodity production and exchange. Even so, to the extent that commodity production and exchange are given sway within ‘modern money’ economies, operation of the Marxian ‘law of value’ appears to be compatible with MMT. It is just that, from an MMT perspective, private for-profit market-based activity will...

Katartismos: "exact adjustment which describes how (enables) the individual parts to work together in correct order"This is what you never see the morons do... they never make an adjustment... Morons will either just keep doing the same thing (while expecting a different result) or they will eventually synthesize with another moron... creating a sort of moron cocktail..Could be the human characteristic which inspires all the zombie lore being created by artists today?  Maybe... you...

ChiComm USD zombie hackers back at it after a 3-week hiatus...#PBOC injects 160 bn yuan via open market operation (7-day reverse repo) on Tue, after skipping OMO for 16 days in a row.— YUAN TALKS (@YuanTalks) July 16, 2019 #PBOC injects 100 bn yuan via open market operation (7-day reverse repo) on Wed after 160 bn yuan injection one day earlier.— YUAN TALKS (@YuanTalks) July 17, 2019 Stand by for the Trump covetous tweet in... 3...2...1...

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...