Mike Norman Economics

I ran across yet another article discussing how the r>gcondition constrains fiscal policy. (For those who are not big fans of this stuff, that means that the long-term average real rate of interest is greater than the long-term real GDP growth rate.) I explain in this short post why any analysis that is premised on these concepts makes no sense.... Bond Economics Why Specifying r, g Makes No Sense WhatsoeverBrian Romanchuk

In the UK NHS prescriptions are free for the under 16's, for people between the ages of 16 to 18 if they are in further education, and free for the over 60's. Unemployed and people on benefits get free prescriptions too. For everyone else they are £9, but if have have a lot of prescriptions you can pay 3 monthly, or yearly, to get huge discounts.When I saw this video I was horrified. What sort of capitalism is this? [embedded content]

Fed changed the language in its statement.

Tulsi Gabbard says that Trump has designated the whole Iranian military as a terrorist organisation and this is a very dangerous situation. She says she's putting in a bill to ensue only Congress can sanction a war, not just the presedent. [embedded content] Here we go again! The US sending more troops to Middle East for what will be disastrous war with Iran. To prevent Trump and future presidents from waging war illegally (without Congress approval) we must sign my No More Presidential Wars...

Another superb video from Jimmy Dore.Mike Gravel, a former senstor, says how China is not entering an arms race with the U.S because they know no one can use nuclear weapons without killing themselves as well. It's only takes about 20 nuclear bombs to cause a nuclear winter, which will kill the winners within ten years too, and in fact, most life on Earth will die too.Sadly, what may worry the elite more than the nuclear winter, is that the Western financial system would probably collapse...

Interesting reveal in Bill's post that Tom linked down-thread on the UK situation where in between Bill and the other UK lefty economist stuck in a womanish dialectic exchange of ever more figurative language and meanwhile they continue to get nowhere..  we can read from BOE Carney: Back in 2009‑10, the MPC stopped at 0.5% and then began to purchase assets because, at the time, the feeling was that, given the balance sheets, particularly building societies’, lower interest rates would be...

James Lovelock predicted long ago that global warming would develop faster than predicted owing to the synergism of the ecological system in which there are knock-on effects.ReutersScientists amazed as Canadian permafrost thaws 70 years early Matthew Green

Good read. Explains MMT in terms of its history. Insights — Investment Innovation InstituteMMT – In Conversation with Bill Mitchell Wouter Klijn

It is Wednesday and only a relatively short blog post. Yes, some more on that Fiscal Rule that seems to be causing people to lose sleep (not me). First, we had the Duck Test debate about the British Labour Party Fiscal Credibility Rule. Those promoting the Rule have been at lengths to deny its neoliberal framing, language and concepts. Not an easy task when the Rule talks about a currency-issuing government wanting to avoid “putting the rent on the credit card month after month”. Sounds...

I got this email from Greg Palast today, who seems to be trying to contact his daughter through the public domain. I was really touched by it. Greg Palast is a great guy.A dad couldn't ask for more.  My daughter wrote an essay, "The Best Dad in the Whole World."  It went on, story after story, about the unforgettable things we did together.Here’s a few seconds from the poem she added: [embedded content] That was ten years ago.  The last thing she wrote to me, this year, was, "I don’t have a...