April 29, 2021

Occasional Tweets: Logic is a faculty economists never had and never missed

 

For more on economists' logical weakness/stupidity see AXECquery. 
at

The new doctrine of State Capture

Comment on Stephanie Kelton/Kaivey on ‘Why The U.S. Can’t Go Broke’


Stephanie Kelton's Deficit Myth is scientifically refuted and proven to be agenda-pushing for the advantage of the Oligarchy and the disadvantage of WeThePeople:

The question of whether the U.S. can go broke is beside the point because the U.S. economy can go broke and take the state with it

The 3-sector Profit Law Q≡(G−T)+(I−S)+Yd implies that the greater part of the macroeconomic profit is produced by public deficit-spending/money-creation. The growing public debt secures the permanent self-alimentation of the Oligarchy.

Obviously, there is a change of strategy going on. The old-generation Oligarchy was anti-state: “I don’t want to abolish government. I simply want to reduce it to the size where I can drag it into the bathroom and drown it in the bathtub.” (Reagan, 2001) The new-generation Oligarchy tries to capture the state and in particular the ‘means of production’ of profit, i.e. Treasury and Fed. The task of MMT is to propagandistically support Politburo's new strategy:

Egmont Kakarot-Handtke



***

Longtermtrends Apr 29 Growing public debt
(acts as a macroeconomic Profit Pump. The extreme spike on the right-hand side requires/signals a change of doctrine. This is where the MMT slogan deficit/debt-is-good comes in.)



***
 
Twitter Apr 29  Growing public debt, the new=old survival strategy for the U.S. economy



Twitter Feb 16, 2023 Self-alimentation and State Capture


Twitter/X Dec 29, 2023, The Fed as a direct profit pump

at

April 27, 2021

Occasional Tweets: MMTers have to be excluded from the “civil and respectful discourse” of the scientific community

 
at

Occasional Tweets: Scientific incompetence ― the case of Krugman and his applause trolls

 


Incompetence


***

Twitter, 2 Sep, 2021 Krugman's cat ― economics for the for the mentally and
 emotionally disturbed

at

Occasional Tweets: How MMT Progressives progress

 

MMT Progressives

at

April 26, 2021

Occasional Tweets: "Scrap the lot"

 

For more on Joan Robinson see AXECquery. 
at

April 25, 2021

Occasional Tweets: Economists cannot properly apply scientific tools

 


For more about Science see AXECquery.
For more about Methodology see AXECquery.
at

April 23, 2021

Occasional Tweets: Economics has a science problem

 


For more about science see AXECquery. 
at

Occasional Tweets: Old stuff ― how economists serve the Oligarchy

 


Economists: stupid or corrupt or both?

For more on Political Economics see AXECquery.
at

April 22, 2021

Occasional Tweets: Criminals and the Monetary Order (I)

 



For more about MMT see AXECquery.


 
at

Occasional Tweets: Economists are not scientists but storytellers (I)

 

 
 Storytelling / Propaganda / Agenda-Pushing / Deception / #DisInfoTainment / Blather


***

For more on communication see AXECquery.

***

Twitter Apr 23

at

April 21, 2021

Occasional Tweets: Keynes is dead ― no false-hero memorials (II)

 


For more on Keynes see AXECquery. 
at

Occasional Tweets: MMT is refuted ― forget this proto-scientific garbage

 
at

April 20, 2021

MMT has been conclusively refuted and MMTers can do NOTHING about it

Comment on James Galbraith on ‘Who’s Afraid of MMT?’*


James Galbraith summarizes: “What, then, is MMT? Contrary to the claims of King and Rajan, it is not a policy slogan. Rather, it is a body of theory in Keynes’s monetary tradition, which includes such eminent thinkers as the American economist Hyman Minsky and Wynne Godley of the UK Treasury and the University of Cambridge. MMT describes how ‘modern’ governments and central banks actually work, and how changes in their balance sheets are mirrored by changes in the balance sheets of the public ― an application of double-entry bookkeeping to economic thought. Thus, as Kelton writes in the plainest English, the deficit of the government is the surplus of the private sector, and vice versa.”

Yes, indeed that's MMT in a nutshell and the last sentence is provably false because MMTers are too stupid for the elementary algebra that underlies macroeconomic accounting. Neither the followers of Stephanie Kelton et al. nor the critics of MMT ever spotted the blunder in the formal foundations that invalidates the whole approach.

So MMT is scientifically worthless and can be unceremoniously buried at the Flat-Earth-Cemetery. Politically, though, MMT has still some use-value for fooling WeThePeople. As a consequence, only stupid/corrupt agenda pushers defend or criticize MMT. No scientist wastes time with this proto-scientific garbage.

For those who want to check the refutation in greater detail here are the relevant references

Egmont Kakarot-Handtke



***
#PointOfProof
#EconBlocker
at

Occasional Tweets: Is MMT the spearhead of Democracy or Oligarchy?

 

For more about economics and democracy see AXECquery.
For more about economics and oligarchy see AXECquery.


***

Wikimedia AXEC142b

at

April 19, 2021

Economists betray WeThePeople

Comment on Dean Baker on ‘Putting the debt in context’


The 3-sector Profit Law Q≡(G−T)+(I−S)+Yd implies that the greater part of macroeconomic profit Q is produced by public deficit-spending/money-creation (G−T). So, a growing public debt secures the permanent self-alimentation of the Oligarchy.#1

Because of Public Deficit = Private Profit, MMT policy is a free lunch for the Oligarchy. Stephanie Kelton's Deficit Myth is scientifically refuted and proven to be agenda-pushing for the advantage of the Oligarchy and disadvantage of WeThePeople. MMTers are scientific nullities and political fraudsters because they pose as Friends-of-the-People.#2-#4

Private financial wealth grows in lockstep with public debt. Financial wealth in turn generates interest income which is taxed from WeThePeople and handed over to the Oligarchy as long as the debt is rolled over.#5, #6

The MMT policy of deficit-spending/money-creation (for consumptive purposes) is economically a bad deal for WeThePeople. Politically, it amounts to the self-destruction of Democracy.#7 The role of the captured state is to produce sufficient macroeconomic profit. The Oligarchy, in turn, uses the opulent deficit-produced free lunches to nudge the state’s legislative, executive, and judiciary institutions in its favor.

Academic economics ― left, center, right does NOT matter ― plays a supporting role in the process as the propaganda arm of the Oligarchy. Scientifically, economics is worse than worthless.

Egmont Kakarot-Handtke




For more on Dean Baker see AXECquery.

***
Wikimedia AXEC108g

at

Occasional Tweets: Why the public debt must rise incessantly

 
at

April 16, 2021

Occasionional Tweet: The representative economist ― a cargo cult clown

 


For more about the representative economist Krugman see AXECquery.
For more about the representative economist in general see AXECquery.
For more about cargo cult see AXECquery.


***
Wikimedia AXEC140b




Wikimedia AXEC169


at

April 15, 2021

Occasional Tweets: Economics is Not a science, economists are NOT scientists

 
at

April 13, 2021

Economic policy: new rhetoric, old agenda

Comment on Barkley Rosser on ‘Congress Steadily Degenerating’


The correct designation of the U.S. political system is Oligarchy and not Democracy.#1

It is not exactly a sign of Barkley Rosser's political smartness that it took the visit of a niece to realize the obvious: “But she admitted one more factor that has been building up. She has become disgusted with Congress itself, that it is getting worse and worse, just steadily degenerating. Her bottom line: every time a member leaves they are replaced by somebody worse, and these new ones have been getting really bad.”

The fact is, though, that Congress is just playing its role in the system. This is easy to see by focussing on economic policy.

The 3-sector Profit Law Q≡(G−T)+(I−S)+Yd states that the greater part of macroeconomic #Profit is actually produced by public deficit-spending/money-creation.#2 Growing public debt guarantees the permanent self-alimentation of the Oligarchy. This is rather old stuff but the COV19 pandemic makes it plain to everybody.#3, #4

The Profit Law implies Public Deficit = Private Profit. COV19 is a godsend. More deficit-spending/money-creation will result in a profit explosion. With their crisis policy, all that President Biden and Congress are doing is playing their proper roles in the oligarchic order.#5

The role of the state is to produce sufficient macroeconomic profit. The Oligarchy, in turn, uses the opulent deficit-produced free lunches to nudge the state’s legislative, executive, and judiciary institutions in its favor. Academic economics plays a supporting role as a propaganda arm of the Oligarchy.#6, #7

No surprise here for those who have been paying attention and do not need a niece for coming to grips with political reality.

Egmont Kakarot-Handtke


#1 Newsweek, Marianne Williamson, The United States of Oligarchy

at

April 12, 2021

Occasional Tweets: Marx was NOT a scientist/ philosopher/satanist

 


Karl Marx: journalist, pamphleteer, agenda pusher



For more on Marx see AXECquery.
at

April 11, 2021

Occasional Tweets: Stop beating the dead economics horse

 

From false microfoundations to true macrofoundations

For more on macrofoundations see AXECquery.
at

April 10, 2021

Occasional Tweets: Since the founding fathers, economics is NOT science but political agenda-pushing

 

For more on economics as the propaganda arm of the Oligarchy see AXECquery.
For more on Political Economics see AXECquery.
For more on cargo cult science see AXECquery.
at

Occasional Tweets: The fatal effect of MMT policy is NOT on inflation but on distribution

 

For more on inflation see AXECquery. 
For more on distribution see AXECquery. 
at

April 8, 2021

Occasional Tweets: The definition of economics

 


Failure

The history of economic thought is the history of scientific failure.


Paradigm Shift
  • Old definition, subjective-behavioral, microfoundations: "Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses." (Robbins)
  • New definition, objective-systemic, macrofoundations: Economics is the science that studies how the monetary economy works.

For more about systems science see AXECquery.
For more about Paradigm Shift see AXECquery.
at

April 7, 2021

Economics ― still the "science" of the mentally impaired

Comment on Barkley Rosser on ‘The Death Of Yeshua Bin Yusuf’


Walrasianism, Keynesianism, Marxianism, Austrianism, MMT, and Pluralism are mutually contradictory, axiomatically false, and materially/formally inconsistent.#1 Since Adam Smith, economics is a failed/fake science.

The economist Barkley Rosser, though, is NOT worried that economics is proto-scientific garbage to this very day, he wonders instead how Jesus was probably called in Aramaic. And he wants to drive this point home: “Here is the hard core line from me: this guy really lived and most of what he said is for real.”

Needless to emphasize that historical research has established that the biblical Jesus never existed and that the Bible is a socio-pathological fabrication from the first letter to the last point.#2-#4

The absurdity of the situation consists of: (i) the economist Barkley Rosser gets the subject matter of economics wrong because he is too stupid for the elementary algebra that underlies macroeconomics,#5, #6 (ii) true to the traditional strategy of economics imperialism#7 this incompetent scientist dabbles in religion, (iii) unsurprisingly, from inborn sloppiness he ignores the current state of research in this offside field.#8

How can it be that a person who violates all scientific standards and lacks all insight into his own scientific incompetence enjoys a good standing in academic economics?

It cannot be a coincidence that economics is failed/fake science and that incompetent scientists occupy the organizational control centers from peer review, textbooks, grants/financing, to the EconNobel. This makes only sense if economics is NOT a science but a branch of the propaganda/entertainment industry.

The fact is, that the benchmark of economics is NOT cutting-edge science but the art of lobotomizing a population by storytelling as it has been perfected by the different priesthoods throughout history.

The significance of Barkley Rosser's Yussuf story is to tell the intellectual proletariat of Econ 101 that stupidity is NOT a hindrance to an academic career in economics but the essential precondition.#10 

Egmont Kakarot-Handtke


#2 Richard Carrier, On the Historicity of Jesus
#3 Israel Finkelstein and Neil Silberman, The Bible Unearthed
#4 Hermann Detering, The Fabricated Paul

Related 'Economics: failure, fake, fraud' and 'Economics: A failed/fake science for 200+ years' and 'Economics: 200+ years of scientific incompetence and fraud' and 'The failure of Post Keynesianism' and 'Did economics fail? No! Yes, and everybody knows it!' and 'Why is economics a total scientific failure?' and 'Heterodoxy ― an axiomatic failure just like Orthodoxy' and  'What makes economics a failed science?' and 'What is so great about cargo cult science? or, How economists learned to stop worrying about failure' and 'Mass unemployment: The joint failure of orthodox and heterodox economics' and 'Failed economics: The losers’ long list of lame excuses' and 'Why economics is a failed science ― 24 excuses and 1 explanation' and 'Economics, communication, disinformation' and 'OMG, after 200+ years, economics becomes a science' and 'Your economics is refuted on all counts: here is the real thing.

For more on Barkley Rosser see AXECquery.

***

Wikimedia AXEC175

at

Occasional Tweets: Growing debt ― the permanent self-alimentation of the Oligarchy

 


For more on capitalism see AXECquery. 
at

April 6, 2021

Occasional Tweets: Emoji economics ― a new low of political agenda-pushing

 


For more on communication see AXECquery.
at

April 4, 2021

Occasional Tweets: MMT is refuted ― end of story

 

***

For the details see thread.

***

Refutation of MMT

The foundational MMT sectoral balances equation is provably false. Because of this, the whole approach is scientifically worthless. Therefore, MMT policy is just brain-dead political agenda-pushing.

So, that is ALL one needs to know about MMT: (i) MMTheory is inconsistent, i.e. proto-scientific garbage (ii) MMTpolicy has NO sound scientific foundations (iii) MMT is a political fraud, i.e. because of #PublicDeficitIsPrivateProfit it benefits the Oligarchy (iv) MMTers are stupid or corrupt or both.

at

Occasional Tweets: Can anyone take Paul Krugman seriously?

 

For more on Paul Krugman see AXECquery. 
at

April 3, 2021

Occasional Tweets: Economists at the intellectual zero lower bound

 
at