Mike Norman Economics

"Utility," derived from Bentham and Mills' Utilitarianism, is a fancy word that economists use to mean satisfaction, which is the contemporary term for 18 c. Utilitarian "happiness" that was inspired by Greek: εὐδαιμονία eudaimonía)," itself derived from Aristotle's Nichomachean Ethics. The Greek term eudaimonía is also translated as "welfare," another term in use in economics. Literally, it means "good spirits." This could be thought of as wellbeing.But what is happiness? Is it just...

Biden’s consigliere:Larry Summers reclining on a tropical island and instructing the proles that "there's going to need to be increases in unemployment to contain inflation" ☠️pic.twitter.com/t1ONYePsUZ— David Adler (@davidrkadler) January 6, 2023 Nice guy!

LFG!!!! … hopefully the US defaults this time… Biden people throwing down:WHITE HOUSE SAYS CONGRESS WILL HAVE TO RAISE U.S. DEBT LIMIT, WITHOUT CONDITIONS— *Walter Bloomberg (@DeItaone) January 8, 2023 Trump saying to use the ceiling to exact concessions from Democrats:Looking real good for a default this time… 👍

Is the US condemned to "doing stupid shit" (Obama) because of its Western liberalism coupled with vast power enabling interventionist policy? And is there an economic motive behind this, notably from MICIMATT aka Military-Industrial-Congressional-Intelligence-Media-Academia-Think-Tank complex (Ray McGovern) that President Eisenhower warned about but also from all those who stand to gain from the continuance and expansion of the US-controlled "rules-based international order." And is liberal...

Wall Street’s takeover of the American rental market really took off during Obama’s foreclosure regime as the firms snapped up properties (including from many small landlords) at bargain prices. The pace has continued to accelerat…There’s constant media talk of a housing shortage to explain the US homelessness crisis, but according to the lawsuit against RealPage, one of its tactics is also keeping units off the market in order to drive up prices.…By tightening its grip on the American...

Whatever. The only thing the bill does that actually counts financially is defining gold and silver as currencies rather than commodities, thereby "eliminating the state capital gains tax on gold and silver." Otherwise it confuses "money" as a token used in exchange with a currency as a unit of account functioning as the basis of an accounting system.SchiffGoldMissouri Bill Would Take Steps Toward Treating Gold and Silver as Money

As has been reported, it will only take a single congressperson, acting in what is known as a Jeffersonian Motion, to move to remove the Speaker if he or she goes back on their word or policy agenda.A “Church” style committee will be convened to look into the weaponization of the FBI and other government organizations (presumably the CIA, the subject of the original Church Committee) against the American people.Term limits will be put up for a vote.Bills presented to Congress will be single...

The GSCPI peaked at 4.3 standard deviations above its historical mean at the end of 2021, after which it declined substantially. The initial period of decline saw it drop to 2.8 by March 2022, after which it temporarily increased in April, primarily due to pandemic lockdowns in China and the Russia-Ukraine war. The GSCPI then experienced five consecutive months of declines, reaching a low of 0.9 in September. However, the past three months have witnessed a pause in the reversion to the...

Yesterday they hated in on the job number. Today they loved it, on basically the same job number. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.mmteconomics.com/ Understanding the Daily Treasury Statement video course. https://www.pitbulleconomics.com/understanding-daily-treasury-statement-video-course/?s2-ssl=yes Mike Norman Twitter https://twitter.com/mikenorman Mike Norman Economics: https://mikenormaneconomics.blogspot.com/...

As Beijing’s Belt and Road Initiative enters its 10th year, a strong Sino-Russian geostrategic partnership has revitalized the BRI across the Global South.The CradleWhy BRI is back with a bang in 2023Pepe EscobarSee alsoIndia PunchlineIndia’s got the BRICS bluesM. K. Bhadrakumar | retired diplomat with the Indian Foreign Service and former ambassador