Mike Norman Economics

Wednesday, January 12, 2022

My podcast with MNE contributor Matt Franko

After Kazakhstan, the color revolution era is over — Pepe Escobar

Backgrounder.

The Vineyard of the Saker
After Kazakhstan, the color revolution era is over
Pepe Escobar

Crossposted at The Cradle

http://thesaker.is/after-kazakhstan-the-color-revolution-era-is-over/

What is modern monetary theory? — Jason van Tol

Short summary of MMT basics.

The Echo (Australia)
What is modern monetary theory?
Jason van Tol
https://www.echo.net.au/2021/12/what-is-modern-monetary-theory/

Bill Mitchell — Why are the progressive left mixing with the dark right on Covid?

It’s Wednesday and I have been digging a bit into what appears to be a growing coalition opposing lockdowns, mask wearing, vaccine rules, and vaccinations in general. The claims are that none of these things work and that the economy is better off without them. I am not writing today about these matters (I have in the past) but rather about the nature of these coalitions. One of the things that has held back progressive causes in the past is the tendency of social democratic type interests to adopt the mainstream macroeconomics, which not only limits what they can do but exposes them to accusations that the government will run out of money and cause inflation if they have ambitious programs. The pattern of progressive interests aligning with non-progressive voices is thus not new. I am seeing it again in the context of the public health debate, which, in part, explains why our world is in such a Covid-mess. It isn’t all bad today – there is some nice music to finish, being Wednesday....

"Be careful who you get in bed with," is still good advice.

Bill Mitchell – billy blog
Why are the progressive left mixing with the dark right on Covid?
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Tuesday, January 11, 2022

A Few Inflation Topics — Brian Romanchuk

I have again turned my attention to my inflation primer. I have been filling missing bits, which does not translate into cohesive articles to post. This article just runs through a few topics on inflation. From a business cycle watcher perspective, a recent article by Jason Furman is probably the most pressing....
Bond Economics
A Few Inflation Topics
Brian Romanchuk
http://www.bondeconomics.com/2022/01/a-few-inflation-topics.html

Hiilarious Peter Schiff flip flop on rates and inflation. What an idiot.

Schiff flip flops on rates and inflation. The guy is seriously clueless.

Fed’s Bostic: $1.5T of “excess liquidity!” could be “pulled!”

See that “$1.5T” is the EXACT AMOUNT of current RRP… supports my hypothesis that they want to (maybe have to?) reduce system reserve balances currently in the RRP account as much as possible before they can increase the policy rate in earnest....

Possible: they do the +0.25% in March to maintain precedent as they usually move the rate first…. THEN immediately turn all of their Fed bibble babble rhetoric to “quantitative tightening!” of $1.5T of “unprinting money!”… to “pull out the liquidity!”… to get the dummy monetarist inflationista psychos to finally STFU in the middle of a viral pandemic…

Then once the RRP balance goes to zero, it’s no longer a threat to catastrophic transfer to Depository asset accounts and they can get back to rate policy if needed… which if “inflation!” turns out transitory due to then waning real pandemic issues they won’t have to do much with rates…

BOSTIC SAYS FED COULD EASILY PULL $1.5 TRILLION OF "EXCESS LIQUIDITY" FROM FINANCIAL SYSTEM, THEN WATCH MARKET REACTION FOR FURTHER BALANCE SHEET REDUCTIONS

BOSTIC SAYS MARCH "REASONABLE" FOR FIRST INCREASE; RUNOFF OF BALANCE SHEET SHOULD BEGIN "SOON AFTER"
— First Squawk (@FirstSquawk) January 11, 2022

Monday, January 10, 2022

Bill Mitchell — German threats of exit rely on the ignorance of others reinforced by Europhile progressives

I read a story in the German press – Der Euro auf dem Prüfstand (‘The euro on the test bench’, published January 7, 2022) – which reinforced my view that progressives who think the harsh austerity-bias of the Economic and Monetary Union (EMU) have vanished with the invocation of the ‘general escape clause’ within Article 126 of the Treaty of the Functioning of the European Union when the pandemic arrived are off the mark. And when the same commentators/thinkers welcomed the end of the Merkel era and the dawning of the new German government, their assessment reflected that they are trapped within the TINA to the euro thought process. Well, economists with influence in Germany certainly don’t think that and one of the bosses of the Kiel Instituts für Weltwirtschaft (IfW) (Kiel Institute for the World Economy), which is a German research institute, has called for the topic of German exit from the EMU to be debated. He believes that this will put pressure on the other Member States (particularly the so-called “Achse Paris-Rom” (Paris-Rome axis) to abandon any thought of relaxing the economic and monetary rules and force the ECB to tighten monetary policy again. The iron gauntlet of ‘schwarze Null’ is still firmly gripping the European debate...

Bill Mitchell – billy blog
German threats of exit rely on the ignorance of others reinforced by Europhile progressives
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Pandemic Inflation: A Guide for Progressives — Andrés Bernal

A few weeks ago, I published a Working Paper to develop an alternative understanding and analysis of recent inflation pressures through the lens of Modern Monetary Theory. In it, I argue that conventional explanations of inflation remain ideologically compromised and constricted to an outdated social theory and framing. Consequently, public policy responses to recent price increases such as interest rate hikes and deficit reduction are antiquated, blunt-force tools that cause immense societal harm and simply don’t work. TL;DR the paper shows why Larry Summers and the gang are all wrong....

Down With Tyranny
Pandemic Inflation: A Guide for Progressives
Andrés Bernal, Research Fellow at the Global Institute for Sustainable Prosperity, a Lecturer with City University of New York, and he's a Doctoral Student at The New School for Public Engagement

Links — 10 Jan 2022 PM

Consortium News
What War With Russia Would Look Like
Scott Ritter
https://consortiumnews.com/2022/01/10/what-war-with-russia-would-look-like/

US-Russia Talks May Be the Last Chance

Tony Kevin, former Australian ambassador to Cambodia and Poland

https://consortiumnews.com/2022/01/09/us-russia-talks-may-be-last-chance/

SouthFront

Wave Of Suicides Swept Kazakh High-Ranking Officials Following Plot Disclosure

https://southfront.org/wave-of-suicides-swept-kazakh-high-ranking-officials-following-plot-disclosure/

Axios
Kazakhstan president says he'll provide proof of "attempted coup"
Dave Lawler
https://www.axios.com/kazakhstan-president-claims-coup-nazarbayev-6b662edc-1221-4948-862b-5263bb4dfb6e.html

U.S. and Russia exchange warnings after first round of security talks

Zachary Basu, Dave Lawler

https://www.axios.com/us-russia-talks-warnings-press-conference-4ef29ca9-31f9-40a8-b73d-d04c2908643e.html

Al Jazeera
Protesters call for action to prevent Bosnia sliding into war
Mersiha Gadzo
https://www.aljazeera.com/news/2022/1/10/protesters-call-for-action-to-prevent-bosnia-sliding-into-war

AlterNet
Those in power kept us in the dark about an endless US bombardment — but now we finally have the data
Medea Benjamin
https://feeds.feedblitz.com/~/677670026/0/alternet_all/

Strategic Culture Foundation
Why Would Americans Work for the Russians? The Curious Case of the Strategic Culture Foundation
Tim Kirby
https://www.strategic-culture.org/news/2022/01/10/why-would-americans-work-for-russians-the-curious-case-of-strategic-culture-foundation/

Calculated Risk
Update: Framing Lumber Prices Up 75% Year-over-year
Bill McBride

http://www.calculatedriskblog.com/2022/01/update-framing-lumber-prices-up-75-year.html

Sputnik International
Sen. Sanders: GOP Base Growing as Democratic Party Turns Its Back on the Working Class

https://sputniknews.com/20220110/sen-sanders-gop-base-growing-as-democratic-party-turns-its-back-on-the-working-class-1092165457.html

Links — 10 Jan 2022 AM

Oilprice
Record High Lithium Prices Are Here To Stay

Zero Hedge

Internationalist 360º
Why Kazakhstan Exploded

Vladimir Chemeris

https://libya360.wordpress.com/2022/01/10/why-kazakhstan-exploded/

Zero Hedge
Kazakh Leader Says Order Restored: "Coup" Thwarted & 164 Killed - 8,000 Arrests
Tyler Durden
https://www.zerohedge.com/geopolitical/kazakh-leaders-says-order-restored-coup-thwarted-after-164-killed-8000-arrests

NATO Prepared For "New Armed Conflict In Europe" With Russia If Talks Fail

https://www.zerohedge.com/geopolitical/nato-prepared-new-armed-conflict-europe-russia-if-talks-fail

Sputnik International
Foreign Militants From Afghanistan, Mideast Countries Took Part in Kazakhstan Riots, Tokayev Says
https://sputniknews.com/20220110/foreign-militants-from-afghanistan-mideast-countries-took-part-in-kazakhstan-riots-tokayev-says-1092159620.html

'Maidan Methods' Have Been Used in Kazakhstan, Putin Says, as Country Faced Threat to Its Statehood

https://sputniknews.com/20220110/maidan-methods-have-been-used-in-kazakhstan-putin-says-as-country-faced-threat-to-its-statethood-1092148872.html

‘Threat is Real’: Pakistan PM Khan Seeks Action Against Modi For Not Controlling Extremist Hindus

https://sputniknews.com/20220110/threat-is-real-pakistan-pm-khan-seeks-action-against-modi-for-not-controlling-extremist-hindus-1092149205.html

RT
‘More revenge’ for US for killing Iranian general

https://www.rt.com/news/545587-iran-revenge-soleimani-assassination/?utm_source=feedly&utm_medium=rss&utm_campaign=RSS

TASS
Blinken says Russia aims to restore Soviet Union

https://tass.com/politics/1385397

Destructive forces, not popular protests posed danger to Kazakhstan, Putin emphasizes
https://tass.com/world/1385699

How China prepared for building a modern socialist country
CGTN
https://tass.com/press-releases/1385705

China's 2021 GDP Growth likely to Reach 8%: PHBS Think Tank Report
https://tass.com/press-releases/1385587

CGTN: CMG blazes a trail with world's first 5G livestreaming studio on high-speed train
https://tass.com/press-releases/1385633

The Intercept
Bolsonaro Gave Brazil's Army New Powers. The Generals Won't Give Them Up Easily.
Andrew Fishman

https://theintercept.com/2022/01/10/brazil-military-power-jair-bolsonaro/

Dances with Bears
RACE HATRED OF RUSSIA, THE BATTLE OF STALINGRAD AND THE AMERICAN WAR IN UKRAINE
John Helmer
http://johnhelmer.net/race-hatred-of-russia-the-battle-of-stalingrad-and-the-american-war-in-ukraine/

The Unassuming Economist
Clubs and Networks in Economics Reviewing
Prakash Loungani

https://unassumingeconomist.com/2022/01/clubs-and-networks-in-economics-reviewing/

ECNS
AUKUS seen as violating rules on arms control
http://www.ecns.cn/news/2022-01-10/detail-ihauqxpy8106815.shtml

Armstrong Economics
Kazakhstan – NATO & The ECM into 2032

Martin Armstrong

https://www.armstrongeconomics.com/armstrongeconomics101/ecm-armstrongeconomics101/kazakhstan-nato-the-ecm-into-2032/

Review of The Deficit Myth — Kevin Grier

"Inflation," so MMT is wrong. Kevin Grier assumes that correlation is causation. Maybe, just maybe, the pandemic as an external shock plays a role? Professor Grier discounts it.

Independent Institute
Review of The Deficit Myth
Kevin Grier | Gordon Tullock Professor of Political Economy at the Free Market Institute and a professor of political science in the College of Arts & Sciences, Texas Tech University

https://www.independent.org/publications/tir/article.asp?id=1676

Bill Mitchell — US labour market cannot be healthy with rising numbers of sick people

Last Friday (January 7, 2022), the US Bureau of Labor Statistics (BLS) released their latest labour market data – Employment Situation Summary – December 2021 – which reported a total payroll employment rise of only 199,000 jobs in December and a 0.3 points decline in the official unemployment rate to 3.9 per cent, while participation was unchanged at 61.9 per cent. While the US labour market is still creating work – it is doing so at a declining rate and there are unequal patterns across the industrial sectors. The US labour market is still 3,572 thousand jobs short from where it was at the end of February 2020, which helps to explain why there are no fundamental wage pressures emerging. Any analyst who is claiming the US economy is close to full employment hasn’t looked at the data. The failure to introduce a renewed fiscal stimulus will definitely leave the economy worse off, especially with the renewed virus onslaught from Omicron....
Bill Mitchell – billy blog
US labour market cannot be healthy with rising numbers of sick people
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Sunday, January 9, 2022

Links — 9 Jan 2022

India Punchline
Kazakhstan turns into graveyard for US diplomacy
M. K. Bhadrakumar | retired diplomat with the Indian Foreign Service

https://www.indianpunchline.com/kazakhstan-turns-into-graveyard-for-us-diplomacy/

The Vineyard of the Saker
Who “lost” Kazakhstan and to whom?
The Saker

http://thesaker.is/who-lost-kazakhstan-and-to-whom/

Irrussianality

THE WORSE THE BETTER – HOW TWITTER VIEWS KAZAKHSTAN

Paul Robinson | Professor, Graduate School of Public and International Affairs at the University of Ottawa

https://irrussianality.wordpress.com/2022/01/07/the-worse-the-better-how-twitter-views-kazakhstan/

One World
Factual Evidence Discredits The Speculation That Turkey Destabilized Kazakhstan

Andrew Korybkov

http://oneworld.press/?module=articles&action=view&id=2393

Zero Hedge
The Hunter Connection? Kazakh Security Chief Arrested For Treason Was "Close Friends" With Bidens
Tyler Durden

https://www.zerohedge.com/geopolitical/palace-coup-kazakh-security-chief-arrested-treason-was-close-friends-hunter-biden

Prof. Antony Davies: 10 myths about government debt

Good to see more people realizing the “myth!” of government debt and deficits….

Florida resident tells 'woke' New Yorkers to head back north

Bifurcation…

“If you are one of those ‘woke’ people — leave Florida. You will be happier elsewhere, as will we,”

Florida resident tells 'woke' New Yorkers to head back north in scathing letter https://t.co/tz55ahNvlf pic.twitter.com/gL8T64rHrs
— New York Post (@nypost) January 6, 2022

Saturday, January 8, 2022

A Few More on Kazakhstan

Gold Goats 'N Guns
Putin Stamps Out the Fire in Kazakhstan and Ukraine

Tom Luongo

https://tomluongo.me/2022/01/08/putin-stamps-out-fire-kazakhstan-ukraine/

Moon of Alabama
Mysteries Of The Failed Rebellion In Kazakhstan

https://www.moonofalabama.org/2022/01/mysteries-of-the-failed-rebellion-in-kazakhstan.html

Voltaire Network
Overview of two days of siege in Kazakhstan

https://www.voltairenet.org/article215240.html

China Shows Its ‘Trump’ Card — Eamon McKinney

The trade war is not working out as planned for the US.

Strategic Culture Foundation
China Shows Its ‘Trump’ Card
Eamon McKinney

Donald Trumps' Truth Social Purportedly Ready for a February Launch

Trump reportedly has launch date established….. Styx breaks it down:

Kazakhstan Update

Western media reporting is according to the playbook. In the West, the "news" is actually a presentation of "the narrative" as what one is supposed to believe. The following links offer a different picture. For example, many police officers were killed or wounded and one was beheaded.

India Punchline
CSTO in Kazakhstan annoys US
M. K. Bhadrakumar | retired diplomat with the Indian Foreign Service

https://www.indianpunchline.com/csto-in-kazakhstan-annoys-us/

Internationalist 360º

CSTO Operations in Kazakhstan

Alessandro Lattanzio

https://libya360.wordpress.com/2022/01/08/csto-operations-in-kazakhstan/

BBNE IntelliNews
The West’s tricky relationship with Kazakhstan gets more complicated

Claire Nuttall

http://www.intellinews.com/the-west-s-tricky-relationship-with-kazakhstan-gets-more-complicated-231138/

One World

The OSCE’s Silence About Terrorist Attacks Against Kazakhstani Media Speaks Volumes

http://oneworld.press/?module=articles&action=view&id=2390

Mukhtar Ablyazov Is A Power-Hungry Opportunistic Criminal, Not An “Opposition Leader”

Andrew Korybko

http://oneworld.press/?module=articles&action=view&id=2389

Sputnik International
Kazakh Protests Show Pattern of West-Directed 'Color Revolution', Ex-Diplomat [Patrick Armstrong] Says
https://sputniknews.com/20220108/kazakh-protests-show-pattern-of-west-directed-color-revolution-ex-diplomat-says-1092107221.html

Fugitive Ex-Banker 'Sees Himself as Leader of Opposition' in Kazakhstan

https://sputniknews.com/20220107/fugitive-ex-banker-sees-himself-as-leader-of-opposition-in-kazakhstan-1092089083.html

Russia Believes Kazakhstan Civil Unrest Provoked By External Forces to Disrupt Security & Integrity
https://sputniknews.com/20220108/russia-believes-kazakhstan-civil-unrest-provoked-by-external-forces-to-disrupt-security--integrity-1092105067.html

’Coincidence?’ US, Foreign NGOs May Have Played Key Role in Social Unrest in Kazakhstan, Expert Says
https://sputniknews.com/20220107/coincidence-us-foreign-ngos-may-have-played-key-role-in-social-unrest-in-kazakhstan-expert-says-1092101738.html

CSTO Peacekeepers in Kazakhstan Not Involved in Combat
https://sputniknews.com/20220107/csto-peacekeepers-in-kazakhstan-not-involved-in-combat-1092099226.html

Note by Kazakhstan's Mission to UN: No Protests Can Justify Attacks, Killings of Police Officers

https://sputniknews.com/20220106/unsc-president-sends-note-by-kazakh-mission-to-un-about-situation-in-country-1092074892.html

Strategic Culture Foundation
Kazakh Chaos on Cue Ahead of Crunch Russia-U.S. Security Negotiations

https://www.strategic-culture.org/news/2022/01/07/kazakh-chaos-on-cue-ahead-of-crunch-russia-us-security-negotiations/

Reminiscence of the Future
First Down And...
Andrei Martyanov, former USSR naval officer and expert on Russian military and naval issues

http://smoothiex12.blogspot.com/2022/01/first-down-and.html

The “deep state” as a tool for redistribution of income in favor of the rich — Branko Milanovic

Review of Mike Lofgren’s “The deep state”

The point of the post is essentially, "follow the money."

What is not discussed is the role of the top level of the administrative bureaucracy in preserving domestic and foreign policy across administrations to ensure continuity.

In any case, the key players are what Ray McGovern calls the MICIMATT (Military-Industrial-Congressional-Intelligence-Media-Academia-Think-Tank complex) with the addition of Big Finance, Big Tech, Big Pharma, etc. This is the cohort that America is run for and that really runs America. It explains why nothing material changes regardless of who is elected, since it is not the elected government that actually rules.

This is façade democracy.

Global Inequality
The “deep state” as a tool for redistribution of income in favor of the rich
Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Stone Center on Socio-economic Inequality, senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank's research department and senior associate at Carnegie Endowment for International Peace

https://branko2f7.substack.com/p/the-deep-state-as-a-tool-for-redistribution

Commentary on ""The power and poison of MMT"

Lars explains how this article goes bad.

Lars P. Syll’s Blog
The power and poison of MMT
Lars P. Syll | Professor, Malmo University

https://larspsyll.wordpress.com/2022/01/08/the-power-and-poison-of-mmt/

See also Neil Wilson's comment on the original post of the criticism here at MNE.

It's very interesting how wrong he gets it at the end " MMT proponents would advocate tax hikes as a way to manage aggregate demand and control inflation." No we would replace interest rate adjustments with a Job Guarantee, which would then control inflation. The Job Guarantee is the system stabilisation function in MMT. Once again we see an economist that doesn't like the idea of full employment and can't get their head around how MMT inflation control works - by setting the price of an hour of unskilled labour and letting other prices form relative to that. Apparently that is 'socialist', but artificially setting the price of money via a cabal of unelected wonks isn't.
https://mikenormaneconomics.blogspot.com/2022/01/the-power-and-poison-of-mmt-koichi.html?showComment=1641627961823#c4758006775857084494

Friday, January 7, 2022

The Power and Poison of MMT — Koichi Hamada

The rigid stances of Modern Monetary Theory’s devotees and detractors have not lent themselves to productive discussion. This is a serious loss for policymakers, because MMT includes both problematic propositions and perfectly reasonable – even highly useful – ones....
Project Syndicate
The Power and Poison of MMT
Koichi Hamada, Professor Emeritus at Yale University, was a special adviser to former Japanese Prime Minister Shinzo Abe
https://www.project-syndicate.org/commentary/benefits-and-risks-of-modern-monetary-theory-build-back-better-act-by-koichi-hamada-2022-01

China’s Push to End Market Monopoly Targets Music Industry — Wu Peiyue

Some US criticism of China's recent policy assert that it will hurt innovation and spell the doom of Chinese growth, but increasing competition encourages entrepreneurial innovation, makes markets freer of artificial scarcity, and lowers prices. It's a fairer system.
The new rule requires streaming platforms to end exclusive music licensing deals with artists and record labels....
Sixth Tone
China’s Push to End Market Monopoly Targets Music Industry

Wu Peiyue
https://www.sixthtone.com/news/1009395/China's Push to End Market Monopoly Targets Music Industry

Also at Sixth Tone

China has seen a boom in all kinds of virtual houses, as domestic enthusiasts jump on the metaverse bandwagon....

Chinese Buyers Join Metaverse Land Rush

Jiang Yaling

https://www.sixthtone.com/news/1009364/chinese-buyers-join-metaverse-land-rush

Thursday, January 6, 2022

U.S. Ramps Up Battery Production With 13 New Gigafactor… — Alex Kimani

The energy transition is driving the next commodity supercycle, with immense prospects for technology manufacturers, energy traders, and investors. Indeed, new energy research provider BloombergNEF estimates that the global transition will require ~$173 trillion in energy supply and infrastructure investment over the next three decades, with renewable energy expected to provide 85% of our energy needs by 2050....

Oilprice
U.S. Ramps Up Battery Production With 13 New Gigafactor…

Alex Kimani
https://oilprice.com/Energy/Energy-General/US-Ramps-Up-Battery-Production-With-13-New-Gigafactories.html

Don't look Up! has a surprising amount to tell us about economics, much of it useful — Steven Hail

Marianna Mazzucato (public goods/public investment), Stephanie Kelton (MMT) and Kate Raworth (ecological economics).

The Conversation
Don't look Up! has a surprising amount to tell us about economics, much of it useful

Steven Hail | Adjunct Associate Professor, Torrens University Australia

I Was Born Wealthy, And Know Rich People Don’t Work Harder Than You - Meghan Bell

I never saw exceptional “hard work” or “intelligence” among the members of the class I was born into.

I was asked to write this essay to comment on the myth that wealthy people work harder than others and therefore have “earned” their immense incomes and fortunes. This is a world I’m very familiar with: my father is a CEO of a private corporation; I grew up in an upper-class neighbourhood in North Vancouver, and attended two different affluent high schools in West Vancouver. Last year, I wrote an essay for The Walrus titled “I’m Part of the 0.1 Percent and I Want a Wealth Tax.”

While it obviously doesn’t take a person born into wealth to point out that rich people don’t deserve their money, my aim here is to dissect this particular defence from the inside.

Passage

I Was Born Wealthy, And Know Rich People Don’t Work Harder Than You - Meghan Bell

Steppe on Fire: Kazakhstan’s Color Revolution — Pepe Escobar

Backgrounder.

The Vineyard of the Saker
Steppe on Fire: Kazakhstan’s Color Revolution
Pepe Escobar
http://thesaker.is/steppe-on-fire-kazakhstans-color-revolution/

Fed December Meeting Minutes — Brian Romanchuk

The minutes for the December 14-15 Federal Open Market Committee (FOMC) meeting were released, and the apparent hawkishness has at least temporarily caused a tizzy in frothy risk markets. From my perspective, there was not a lot of surprises in there, but I do not put a whole lot of value on micro-Fed watching. No matter what they thought they will do in December 2021, what they will do in June 2022 depends upon the data released between now and then. This article has some probably obvious comments on the outlook, as well as some theoretical rants about the underlying framework....
Bond Economics
Fed December Meeting Minutes
Brian Romanchuk
http://www.bondeconomics.com/2022/01/fed-december-meeting-minutes.html

There is only one solution to the problem of Covid, and the state is at the heart of it — Richard Murphy

Summary. Take the scientific approach and fund the necessary to accomplish it with currency issuance rather than rely on developing "natural immunity" by letting the disease spread widely.

Tax Research UK
There is only one solution to the problem of Covid, and the state is at the heart of it
Richard Murphy | Professor of Practice in International Political Economy at City University, London; Director of Tax Research UK; non-executive director of Cambridge Econometrics, and a member of the Progressive Economy Forum

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