Mike Norman Economics

Maybe Iran holds the Trump card? Putting the West on notice.The Vineyard of the SakerWhy Trump now wants talks with Iran Pepe EscobarSee alsoReminiscence of the FuturePepe Escobar's Superb Segment On European Elections. Andrei Martyanov

For all the talk of Modern Monetary Theory representing a brave new frontier, it is easy to forget that the United States has gone down this road before, when the US Federal Reserve financed the war effort in the 1940s. Then, as now, the question is not about government debt, but about the debt’s purpose and justification. An excellent, concise article on MMT.  In his book Principles for Navigating Big Debt Crises, Dalio documents the steps that central banks have historically taken...

The economic arguments adopted by Britain and the US in the 1980s led to vastly increased inequality – and gave the false impression that this outcome was not only inevitable, but good.  If you live in a harsh society and have to work as hard as you can just to stop yourself falling into hell, you may develop a harsh attitude to those that are poor seeing them as undeserving. Europeans tend not to live in such a harsh environment and so tend to be more generous towards the poor, besides,...

Leading proponents of Modern Monetary Theory respond to Tribune's recent article on the topic, arguing that socialists should not be afraid to "seize the means of production of money." TribuneFor MMT Thomas Fazi and Bill Mitchell

This is just a short post-script to some points in the James Meadway article I discussed yesterday. What is to be done about financial sectors that are out-of-control, and endangering economic stability?... I would add one important thing that MMT contirubtes to this debate that Brian doesn't mention here. Warren Mosler has pounded on the need to regulate banks' asset side rather than their liability side as is current practice.Brian does mention that MMT economists have criticized current...

Shocking new pictures from downtown LA capture the huge problem it faces with trash and rats amid fear of typhoid fever outbreak among LAPD China is going in the other direction. Paul Craig Roberts describes it as Third World America.  In an op ed for The LA Times reporter Steve Lopez called it 'the collapse of a city that's lost control', writing: 'We've got thousands of people huddled on the streets, many of them withering away with physical and mental disease. ...

Tomorrow's job report could be a market mover.

Less crime, less murder, less drug problems, more relaxed pace, better healthcare (state run). [embedded content] People often ask me how could I chose to live in Poland instead of the US. What was the reason to move out from the ’american dream” and settle down in the East European country? On today’s episode of Kult America I will try to explain why I made that choice. It was not just my admiration for the culture, but involved some social, economic, and - nevertheless - personal reasons....

It's made in China!We often complain about unfair Chinese competition from China, but Western companies get everything made in China anyway. [embedded content]

Commie USD zombie hackers still "pumping!"... will this ever end?  Will these morons ever be able to figure it out??? PBOC's Net Cash Injection Fails to Stem Rise in China's SHIBOR https://t.co/bF5hF2QI8H pic.twitter.com/d1JlLHEyKF — Yicai Global 第一财经 (@yicaichina) June 6, 2019 Shanghai breaks 2850... CHINA: Shanghai down another -1.2% overnight making a fresh 3 month low and remains Bearish TREND @Hedgeye pic.twitter.com/QzqDIIUwKM — Keith McCullough (@KeithMcCullough) June 6, 2019 Oh...