Shooting yourself in the other foot?Naked CapitalismThe EU Looks Doomed to Repeat its Russia “De-Risking” Strategy with ChinaConor Gallagher

Perfect follow to Tom’s Pepe le Pew post below..  Here this MAGA gold seller douchebag went to the same Art degree school as  Escobar and is predicting the same debt doomsday apocalypse….Both probably alienated somehow…

[unable to retrieve full-text content]Pepe Escobar: “US Empire of Debt Headed for Collapse,” Sputnik International, May 15, 2023. Prof. Michael Hudson’s new book, “The Collapse of Antiquity: Greece and Rome as Civilization’s Oligarchic Turning Point” is a seminal event in this Year of Living Dangerously when, to paraphrase Gramsci, the old geopolitical and geoeconomic order is dying and the Continue Reading The post Pepe Escobar’s review of The...

Without a debt ceiling, solution, the economy, and the markets are finished. However, a debt ceiling solution will put everything back on track. I'm throwing in a Special Subscription deal for the next 3 days. MMT Trader $125/mo. Sign up now. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes/

But save the angst for decisions that matter more My latest piece in The Conversation looks at Tanya Plibersek’s masterclass in the delivery of bad news. We were softened up with the rejection of two zombie coal mines, then distracted by the approval of a relatively unimportant mine. The real news is that the Labor government, having rejected a formal “climate trigger” for environmental approvals, intends to complete disregard the climate effects of our coal and gas exports. Share...

 Review of Michael Hudson's latest book, The Collapse of Antiquity: Greece and Rome as Civilization’s Oligarchic Turning Point — and its contemporary implications. Embellished with personal interaction with Michael Hudson. Michael Hudson is becoming the go-to economist for reformers.Also of note is the venue. Michael Hudson has been an influencer in China for years. Is Russia next?Unfortunately, most of the people reading Hudson don't seem to be aware of the difference between public and...

I think Steve Keen has a point worth considering about fixation on a JG — with a caveat — I don't think he is right about canning a JG at this point.While innovation has in the past led to an increase in leisure, the digital age promises to deliver the potential for much greater leisure since the need for human labor ("jobs") will decrease. To continue focusing on "jobs" (full employment) is a sort of Luddite stance standing in the way of both increased leisure and also better ecology.The...

Oliver Blanchard's revised textbook revisits "the money multiplier." Brian explains that he does not dismiss it but adds an "epicycle."To clarify terminology, this is treated in the philosophy of science, for example, by Thomas Kuhn in his influential book on revolutions in science. According to Kuhn, science exhibits paradigms in terms of which hypotheses are advanced and theories developed. This is the process of "normal science." But as dominant theories are developed and hypotheses...

In 1967, Milton Friedman launched a counterrevolution in economics that overturned the Keynesian theory of inflation. Three years later, economist James Tobin issued a powerful theoretical rebuttal — but in the economics mainstream, it’s been all but forgotten.Read full interview here.

I had an odd intellectual experience recently. A US high school student wrote to me as part of an assignment, asking for my thoughts on Brave New World, and its current relevance. I replied talking about the role of “Our Ford”, and Gramsci’s contemporary concept of Fordism. That got me thinking about post-Fordism, and then to the idea of post-post-Fordism, referring to the information economy that has emerged since the rise of the Internet. I expected that this would be a...