Mike Norman Economics

China zooms ahead knowing you can't have a good economy and a high standard of living without industry and technology, but in the West the One Percent make more money through rent extraction, and so feel no need to invest and innovate.Sadly, lots of other peoole, including small businessmen, support the present system thinking it is true capitalism, but there would be more rich people and more entrepreneurs if we moved towards a social democracy with a robust welfare state.The West is being...

BRI and the New Silk Roads (land and maritime).The Vineyard of the SakerWestern intellectuals freak over ‘Frankenstein’ ChinaPepe Escobar

If we look at the full history of financial crises around the world, one could argue that crises related to external debt and/or fixed exchange rates are dominant. Such crises could represent an entire chapter of this book. However, I will only offer a brief overview of the subject. From the perspective of recession forecasting, the addition of a fixed exchange rate regime adds a new wrinkle to analysis: at what point will the peg fail, causing a crisis? As I will discuss below, this is...

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...