Mike Norman Economics

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...

The big news from Italy this week is the seizure by Turin police of a massive arsenal of weapons held by a neo-Nazi group. Among the weapons was a stonking-big air-to-air missile. Reporting the story, the BBC links the neo-Nazis to ‘Russian-backed separatist forces’ in Ukraine….Naughty separatists. Despite all that talk of fighting ‘fascism’, it appears that they’re in bed with neo-Nazis. But then again, maybe not. For as Mark Ames points out on Twitter, there’s a problem with the BBC...

Checkpoint AsiaBRICS Now a Larger Share of World Economy Than G7 Constantin Gurdgiev

Dumb to spend $20 mln to stick your lines next to NYSE server.

Over the past few years, the economic literature and prominent scholars have paved the way for expansionist fiscal policy. In the US, Modern Monetary Theory proposes to finance a Green New Deal and full employment by increasing the deficit and using the central bank to pay off debt by printing more money. MMT is attracting more and more attention in Europe, including among populist parties, but also beyond, and will certainly be part of the conversation in upcoming elections. Investment to...

This dramatic rise is most likely caused by austerity and the government’s reduction of the deficit, though the post referendum stagnating wages and rise in inflation has also spurred on the level of debt. The relation with public and private debt is one that is of increasing interest to Post-Keynesian economists especially those who put their faith in Modern Monetary Theory. MMT would suggest the dropping government deficit is pushing the rest of us into deficit but the way the government...