#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 31, 2024
'Study: US is an oligarchy, not a democracy'
“Warum das in den USA eine wichtige Nachricht ist./Why this is important news in the USA.”#Economics claims to be #Science but is NOT. The major approaches are mutually contradictory & axiomatically…
This blog connects to the AXEC Project which applies a superior method of economic analysis. The following comments have been posted on selected blogs as catalysts for the ongoing Paradigm Shift. The comments are brought together here for information. The full debates are directly accessible via the Blog-References. Scrap the lot and start again―that is what a Paradigm Shift is all about. Time to make economics a science.
May 31, 2024
Occasional Xs: What economists really do (CCLX)
Occasional Xs: What economists really do (CCLIX)
#Economics#FailedFakeScience#Curriculum
— E.K-H (@AXECorg) May 31, 2024
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy or #ProgressiveEthics or #EducationOfTheMasses or…
Occasional Xs: How it works (CCVIII)
#LearnRealEconomics
— E.K-H (@AXECorg) May 31, 2024
I suggest that you correct the labeling from Taxpayer → #WeThePeople and from Government → #WeTheOligarchy.
The U.S. economy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by…
Occasional Xs: How it works (CCVII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) May 31, 2024
“Das kommt drauf an, wofür das Geld ausgegeben wird. Erneuerbare Energien, Klimaschutz, Bildung, Wiederaufbau Böden & Biodiversität, digitale Infrastruktur würden echte Möglichkeiten öffnen.”
As a matter of… pic.twitter.com/4RR0uYFkQo
May 30, 2024
Occasional Tweets: How to pay for the war (V)
#Economics#War#GeoEconomics
— E.K-H (@AXECorg) May 30, 2024
The USA/EUR/GER is at war with RUS. From history, it is known that in real terms #WeThePeople ALWAYS pays for the war. There is, however, a difference in how this is financially engineered. Mr. Putin increases taxes. How stupid is this? Mr. Biden,…
Occasional Xs: Equilibrium is long dead but some folks still don't get it (II)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 30, 2024
Mr. Milei is far behind the curve. The discussion about price equilibrium in general and Brouwer’s and Kakutani’s theorems in particular is long over. For details see ⇒
Ingrao, B., and Israel, G. (1990). The Invisible Hand. Economic Equilibrium in…
Occasional Xs: What economists really do (CCLVIII)
#Economics
— E.K-H (@AXECorg) May 30, 2024
“Absolutely insane that a president of a nation has read and understood Coase, Arrow, and Ramsey and other.”
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they did was to disguise political #AgendaPushing as #Science… pic.twitter.com/3bPG4VIBpQ
Occasional Xs: How it works (CCVI)
#Economics#FailedFakeScience#NeverTrustTopEconomists
— E.K-H (@AXECorg) May 30, 2024
“Ein gutes Programm der Top Ökonominnen und Ökonomen.”/ “A good program from top economists.”
The correct term for the GER polity is NOT #Democracy but #Oligarchy with national/European key institutions like #Parliament /… pic.twitter.com/mXPxrxHm7J
Occasional Xs: What economists really do (CCLVII)
#Economics
— E.K-H (@AXECorg) May 30, 2024
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy or #ProgressiveEthics or #EducationOfTheMasses or #WorldImprovement.
Economics has… pic.twitter.com/jhLbrsvaPI
May 29, 2024
Occasional Xs: How it works (CCV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 29, 2024
The #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Their #FinancialWealth grows with growing #PublicDebt…
May 28, 2024
Occasional Xs: The futile attempt to recycle Milton Friedman (XIV)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) May 28, 2024
Milton Friedman never understood what #Profit is and how the economic #System works. That's rather bad for an #Economist.
Friedman and the cluelessness of fake scientistshttps://t.co/b3edQjNEXv pic.twitter.com/lwuThpm3ps
Occasional Xs: How it works (CCIV)
#Economics#GeoEconomics#GeoPolitics
— E.K-H (@AXECorg) May 28, 2024
“Europe needs a massive investment shock to meet its challenges... This should be done, either by doubling 'the size of the budget, through common borrowing strategies or the instruments that already exist.'”
The correct term for the…
Occasional Xs: How it works (CCIII)
#LearnRealEconomics
— E.K-H (@AXECorg) May 28, 2024
The U.S. #Economy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by #DeficitSpendingMoneyCreation. The so-called #FreeMarketEconomy is continuously saved from #BreakDown by #Fed / #Treasury i.e. the… pic.twitter.com/m4t8kQPQtX
Occasional Xs: What economists really do (CCLVI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 28, 2024
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they really did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy or #ProgressiveEthics or #EducationOfTheMasses.
Economics…
May 27, 2024
Occasional Xs: Clueless economists / History (II)
#Economics#FailedFakeScience#History
— E.K-H (@AXECorg) May 27, 2024
The Santayana quote “Those who cannot remember the past are condemned to repeat it.” is misplaced in an economic argument.
The main reason is that the greater part of History is NOT an objective account of facts and events but a…
For more about the relationship between economics and history see AXECquery.
Occasional Xs: What economists really do (CCLV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 27, 2024
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they really did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy or #ProgressiveEthics or #EducationOfTheMasses.
Economics… pic.twitter.com/r2zBYLmS9d
May 26, 2024
Occasional Xs: The futile attempt to recycle MMT (CX)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) May 26, 2024
The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, the MMT policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy.
How this helps for “Achieving the goals of socialism” is a magic trick…
Occasional Xs: What economists really do (CCLIV)
#Economics#FailedFakeScience#IdeologicalBias#AuthorityBias#FollowerBias
— E.K-H (@AXECorg) May 26, 2024
For 200+ years, economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory &…
May 25, 2024
Occasional Xs: What economists really do (CCLIII)
#Economics#War
— E.K-H (@AXECorg) May 25, 2024
“Sparpolitik” and “Kürzungen bei Ausgaben” serve as preparation for a massive increase in military spending in the coming years. The #SchuldenBremse will be abolished but the additional money will NOT be spent on investments for the future.
The current austerity…
Occasional Xs: What economists really do (CCLII)
#Economics#Bamboozle
— E.K-H (@AXECorg) May 25, 2024
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they really did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy or #ProgressiveEthics or #EducationOfTheMasses.
Economics has…
May 24, 2024
Occasional Xs: How it works (CCII)
#Economics
— E.K-H (@AXECorg) May 24, 2024
The U.S. economy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by #DeficitSpendingMoneyCreation. The economy is continuously saved from #BreakDown by #Fed / #Treasury i.e. the #State's… pic.twitter.com/V38vZFOP34
Occasional Xs: What economists really do (CCLI)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 24, 2024
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they really did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy or #ProgressiveEthics or #EducationOfTheMasses.
Economics…
Occasional Xs: Economics ― just disinfotainment and self-hype (XLVI)
#Economics#FailedFakeScience#DisInfoTainment
— E.K-H (@AXECorg) May 24, 2024
“Economics is the study of the economy, not the study of economists.” (Ricardo Reis)
The history of economic thought is the history of scientific failure. #Austrians NEVER understood what #Profit is & how the economic #System…
May 23, 2024
Occasional Xs: What economists really do (CCL)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 23, 2024
For 200+ years, economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent &…
Occasional Xs: What economists really do (CCXLIX)
#LearnRealEconomics
— E.K-H (@AXECorg) May 23, 2024
The #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by #DeficitSpendingMoneyCreation. So, #LateCapitalism is kept running mainly by #CentralBank / #Treasury i.e. the #State's…
May 22, 2024
Occasional Xs: The futile attempt to recycle Hayek (XVIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 22, 2024
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they really did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy or #ProgressiveEthics or #EducationOfTheMasses.
Actually,…
Occasional Xs: The futile attempt to recycle Marx (XXX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 22, 2024
The history of economic thought is the history of scientific failure. #Marx NEVER understood what #Profit is and how the economic #System works. When the foundational concepts of the subject matter are inconsistent, the whole analytical…
Occasional Xs: The futile attempt to recycle MMT (CIX)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) May 22, 2024
MMT's foundational #BalancesEquation is provably false, so their whole #Macroeconomics is scientifically worthless.
The page where Stephanie Kelton gets macroeconomics wrong https://t.co/CNFDkXM1Ki
The axiomatically correct 3-sector… pic.twitter.com/nASU7TsRW6
May 20, 2024
Occasional Xs: Clueless economists / Science (XC)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 20, 2024
Perhaps some people would not have such convoluted views on #Science and #Politics if they had properly studied Mill. John Stuart Mill was a champion of science and formulated the foundational rule of doing economics for his stupid/corrupt fellow… pic.twitter.com/jolnvTLTpo
Occasional Xs: How it works (CCI)
#LearnRealEconomics#Independence
— E.K-H (@AXECorg) May 20, 2024
The #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by #DeficitSpendingMoneyCreation. So, #LateCapitalism is kept running by #Fed / #Treasury i.e. the #State's…
May 19, 2024
Occasional Xs: Clueless economists / Philosophy (IV)
#Economics#FailedFakeScience#LaissezFaire
— E.K-H (@AXECorg) May 19, 2024
The #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by #DeficitSpendingMoneyCreation. So, in the main, the #FreeMarketEconomy is kept running by #Fed /… pic.twitter.com/iCymsrZpo8
Occasional Xs: The futile attempt to recycle Austrianism (XXXV)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) May 19, 2024
“The final outcome of the credit expansion is general impoverishment.” (von Mises)
No!
The final outcome of a #CreditExpansion is a #ProfitExpansion i.e. a #FreeLunch for the #Oligarchy.
The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd…
May 18, 2024
Occasional Xs: How it works (CC)
#LearnRealEconomics
— E.K-H (@AXECorg) May 18, 2024
“While government debt can be a valuable tool for addressing myriad economic challenges, it is not and has never been a free lunch.”
The U.S. polity is an #Oligarchy with #Congress / #Treasury / #Fed / #BigBusiness as integral parts. The axiomatically… pic.twitter.com/iiPbFA11Tw
Occasional Xs: Clueless economists / Profit (XXXV)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) May 18, 2024
“The only source from which an entrepreneur’s profits stem is his ability to anticipate better than other people the future demand of the consumers.” (von Mises)
The #MarketEconomy runs on #Profit. The 3-sector #ProfitLaw… pic.twitter.com/LTZ8NyZ7fZ
Occasional Xs: The futile attempt to recycle Austrianism (XXXIV)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth#Austrianism
— E.K-H (@AXECorg) May 18, 2024
von Mises: “In the imaginary construction of a stationary economy the total sum of all entrepreneurs’ profit equals the total sum of all entrepreneurs’ losses.”
This is provably false. The… pic.twitter.com/Y4p8xxsFZt
Occasional Xs: The futile attempt to recycle Austrianism (XXXIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 18, 2024
“… it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”
For 200+ years, economics has claimed to be science but is NOT. The major approaches (#Walrasianism,…
May 16, 2024
Occasional Xs: What economists really do (CCXLVIII)
#Economics
— E.K-H (@AXECorg) May 16, 2024
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they really did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy or #ProgressiveEthics or #EducationOfTheMasses.
Actually, economics has…
Occasional Xs: What economists really do (CCXLVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 16, 2024
“Your podcast is far better than our educational system.”
For 200+ years, economics has claimed to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually… pic.twitter.com/hW6cBqkUtb
Occasional Xs: How it works (CXCIX)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 16, 2024
“… did anyone mention the only beneficiaries of the myth of Fed independence …”
The U.S. polity is an #Oligarchy with #Congress / #Treasury / #Fed / #BigBusiness as integral parts. The axiomatically correct #ProfitLaw ⇓ implies… pic.twitter.com/gJPSrcRVnH
Occasional Xs: What economists really do (CCXLVI)
#Economics#FailedFakeScience#Economists#StupidOrCorruptorBoth
— E.K-H (@AXECorg) May 16, 2024
“Our knowledge of Ravi Shankar won us a prize.”
Congratulations on this professional shot in the foot. There is no better way to tell the social media crowd that Economics in Ten Minutes is in the #DisInfoTainment… pic.twitter.com/RV1QPYzoEb
May 15, 2024
Occasional Xs: What economists really do (CCXLV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 15, 2024
Economics claims to be #Science but is NOT. The history of economic thought is the history of scientific failure. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory &… pic.twitter.com/PM3ppguRzN
Occasional Xs: What economists really do (CCXLIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 15, 2024
“Wir sollten auf den Rat der Ökonomen vom IW sowie IMK hören, die #Schuldenbremse außer Kraft setzen und mindestens 600 Mrd. in die Infrastruktur investieren, …”
No. If your job is to promote the interests of #WeThePeople, don't ever follow the…
Occasional Xs: How it works (CXCVIII)
#Economics#FailedFakeScience#FiscalPolicy
— E.K-H (@AXECorg) May 15, 2024
“Bei den jungen Leuten ist der Groschen gefallen “ / “The penny has dropped with the young people”
Not really.
The #MarketEconomy runs on #Profit. The macroeconomic #ProfitLaw implies #PublicDeficitIsPrivateProfit. So,… pic.twitter.com/KdijuFnfNC
Occasional Xs: The futile attempt to recycle MMT (CVIII)
#Economics#FailedFakeScience#MMT
— E.K-H (@AXECorg) May 15, 2024
According to the axiomatically correct macroeconomic #LawOfSupplyAndDemand, the #RealWage W/P in the elementary production-consumption #Economy ⇓ moves (i) with the #Productivity R and declines (ii) with #DeficitSpendingMoneyCreation i.e.… pic.twitter.com/dK6GXnIovk
Related 'Deficits matter for distribution'
May 14, 2024
Occasional Xs: What economists really do (CCXLIII)
#Economics#FailedFakeScience#SchuldenBremse
— E.K-H (@AXECorg) May 14, 2024
The correct term for the German polity is NOT #Democracy but #Oligarchy with key institutions like #Parliament / #Treasury / #CentralBank / #BigBusiness as integral parts. This institutional setup thrives on…
Occasional Xs: The futile attempt to recycle MMT (CVII)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) May 14, 2024
MMT's foundational #BalancesEquation is provably false, so their whole #Macroeconomics is scientifically worthless.
The page where Stephanie Kelton gets macroeconomics wrong https://t.co/CNFDkXM1Ki
The axiomatically correct 3-sector… pic.twitter.com/T3g01p4Kep
Occasional Xs: What economists really do (CCXLII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 14, 2024
Since 2018, the Trump and Biden administrations have lifted the #DebtCeiling several times. Did this help to significantly improve public infrastructure, alleviate poverty, or improve the future of American children?
No.
But because of the… pic.twitter.com/M0DDpW52rv
Occasional Xs: What economists really do (CCXLI)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) May 14, 2024
“As it developed since Adam Smith’s time, economics is, methodologically, not very pliable to what policymakers naturally want, which is interventionism and Colbertism, …” This is just another example of… pic.twitter.com/gSfMFyr3k5
Occasional Xs: What economists really do (CCXL)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) May 14, 2024
“Basiswissen triff auf wirschaftspolitische Strategie.”
For 200+ years, economics has claimed to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their… pic.twitter.com/6EPM7rGysS
May 13, 2024
Occasional Xs: How it works (CXCVII)
#LearnRealEconomics#Deficit#Profit#Debt#Interest
— E.K-H (@AXECorg) May 13, 2024
The #MarketEconomy runs on #Profit. The macroeconomic #ProfitLaw implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy.
The #PrivateFinancialWealth of the #WeTheOligarchy…
Occasional Xs: The futile attempt to recycle Adam Smith (LXVII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 13, 2024
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they really did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy or #Moralizing.
Adam Smith NEVER understood what #Profit… pic.twitter.com/YQcpbvB4G4
May 12, 2024
Occasional Xs: The futile attempt to recycle Marx (XXIX)
#Economics#FailedFakeScience#NoFalseHeroMemorials
— E.K-H (@AXECorg) May 12, 2024
“His [Marx's] work helps us not only understand capitalism, but fight for a world free of exploitation and domination.”
The history of economic thought is the history of scientific failure. #KarlMarx NEVER understood what…
Occasional Xs: Clueless economists / Money (VIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 12, 2024
“The Federal Reserve prints money (digitally).”
And that blows your mind?
That #Money is created #OutOfNothing is NOT the point. The crucial point is whether money is injected on the left side of the business sector's national account in the form…
Occasional Xs: Clueless economists / Science (LXXXIX)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) May 12, 2024
“Coming to the conclusion that there's no point trying to argue with 'mainstream' (neoliberal?) economists …”
In #Science, an argument starts with an empirical/logical refutation and ends with a #ParadigmShift.…
May 11, 2024
Occasional Xs: What economists really do (CCXXXIX)
#LearnRealEconomics#Deficit#Profit#Debt
— E.K-H (@AXECorg) May 11, 2024
“We do not have a national debt.”
The #Profit Law ⇓ implies #PublicDeficitIsPrivateProfit. So, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy i.e. #PrivateFinancialWealth grows with #PublicDebt.… pic.twitter.com/78nIlpPArB
Occasional Xs: Clueless economists / Money (VII)
#LearnRealEconomics#Money
— E.K-H (@AXECorg) May 11, 2024
“… the material does not give a clue about the nature of money.”
Correct, money is NOT a thing. It is #Information, stored on a material data medium, e.g. gold coin, clay tablet, paper, magnetic data carrier, etc.
How money emerges out of nothing ―…
Occasional Xs: The futile attempt to recycle MMT (CVI)
#LearnRealEconomics#Deficit#Profit#Money
— E.K-H (@AXECorg) May 11, 2024
“MMT proponents often say that a public sector deficit is a private sector surplus.”
Yes, and this tells you that #MMTers are either stupid or corrupt or both.
The #Profit Law ⇓ implies #PublicDeficitIsPrivateProfit. So, the policy…
May 9, 2024
Occasional Xs: Clueless economists / Science (LXXXVIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 9, 2024
To call economics a “dismal and harmful science” is misleading because economics has never satisfied the definition of #Science.
For 200+ years, economics has claimed to be science but is NOT. The major approaches (#Walrasianism, #Keynesianism,… pic.twitter.com/wGTQ1lx61i
Occasional Xs: Scrap the EconNobel (XIV)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 9, 2024
Because economics has never satisfied the definition of #Science, #Prizes have no scientific significance. They are a #Marketing / #PR / #Propaganda tool to shape #PublicOpinion and an #Incentive / #Reward with which the #Oligarchy controls… pic.twitter.com/zK7EBWo2Ur
Occasional Xs: The futile attempt to recycle MMT (CV)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) May 9, 2024
“No MMT'er ever worked in finance and money management for a living.”
What about Warren Mosler or Mike Norman? The rest does not work on Wall Street but intentionally or unintentionally for Wall Street.
Dear idiots, MMTers are Wall Street’s…
Occasional Xs: How it works (CXCVI)
#Economics#FreeMarkets
— E.K-H (@AXECorg) May 9, 2024
“The market is a democracy in which every penny gives a right to vote.”
The U.S. polity is an Oligarchy with #Congress / #Treasury / #Fed / #BigBusiness as integral parts. The axiomatically correct #ProfitLaw ⇓ implies #PublicDeficitIsPrivateProfit.… pic.twitter.com/BN0ZIdpeAw
Occasional Xs: What economists really do (CCXXXVIII)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) May 9, 2024
For 200+ years, economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory and axiomatically false and materially/formally… pic.twitter.com/Mhk9CBeoXa
Occasional Xs: What economists really do (CCXXXVII)
#LearnRealEconomics
— E.K-H (@AXECorg) May 9, 2024
The U.S. economy runs on #Profit. The macroeconomic #ProfitLaw implies that the greater part is produced by #DeficitSpendingMoneyCreation. The economy is saved from #Breakdown by #Fed / #Treasury i.e. the State's deficit-spending/money-creation. #Bidenomics… pic.twitter.com/AWHKJWRLcg
May 8, 2024
Occasional Xs: The futile attempt to recycle Austrianism (XXXII)
#Economics#FailedFakeScience#Austrianism#DisInfoTainment#Hayek NEVER understood what #Profit is and how the economic #System works. He was NOT a #Scientist but an #AgendaPusher / #Clown in the political #CircusMaximus. His Liberty flag waving is not, never has been, and…
— E.K-H (@AXECorg) May 8, 2024
Occasional Xs: The futile attempt to recycle MMT (CIV)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) May 8, 2024
“My 4-month-old son looked me straight in the eyes today & said “dad, isn’t it logically incongruent that MMTers claim they want to reduce inequality, …”
Yes, #MMTers have big problems with logic. They claim to be #Scientists but have no idea…
Occasional Xs: The futile attempt to recycle Austrianism (XXXI)
#Economics#FailedFakeScience#Austrianism
— E.K-H (@AXECorg) May 8, 2024
The history of economic thought is the history of scientific failure. #Hayek, for example, NEVER understood what #Profit is and how the economic #System works. When the foundational concepts of the subject matter are inconsistent, the…
Occasional Xs: Forget supply-demand-equilibrium (VI)
#Economics#FailedFakeScience#ParadigmShift
— E.K-H (@AXECorg) May 8, 2024
The basic building block of economics is NOT the Supply-Demand-Equilibrium Cross because this silly construct is derived from #MicroFoundations but the 4-Quadrant Chart ⇓ which is derived from axiomatically correct #MacroFoundations.… pic.twitter.com/adtrpD8mTr
Occasional Xs: The futile attempt to recycle MMT (CIII)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) May 8, 2024
“Finding the money is never a problem; they just create it. … when we view it from a different angle, a government deficit becomes a financial surplus." (Stephanie Kelton)
Yes, but it becomes a surplus of #WeTheOligarchy and NOT of… pic.twitter.com/eLoLinWde4
May 7, 2024
Occasional Xs: How it works (CXCV)
#LearnRealEconomics#Deficit#Profit
— E.K-H (@AXECorg) May 7, 2024
“Markets Can Shrug Off the ‘Oy, the Deficit’ Crowd.”
So true. The #Profit Law ⇓ implies #PublicDeficitIsPrivateProfit. So, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy i.e. #PrivateFinancialWealth grows… pic.twitter.com/6YCuxIlYR9
Occasional Xs: The futile attempt to recycle MMT (CII)
#MMT#BadScienceBadPolicyBadPeople
— E.K-H (@AXECorg) May 7, 2024
“The national debt = safe assets. It's just our savings.“
It's not “our” savings i.e. it's the savings of #WeTheOligarchy and NOT of #WeThePeople.
MMT's foundational #BalancesEquation is provably false, so their whole #Macroeconomics is… pic.twitter.com/Xv672lGIIr
Occasional Xs: Economics ― just disinfotainment and self-hype (XLV)
#Economics#DisInfoTainment#Prizes
— E.K-H (@AXECorg) May 7, 2024
The #PulitzerPrize is just #SelfHype of the #Press, the #Oscar is just #SelfHype of #Hollywood, the #EconNobel is #SelfHype of #AcademicEconomics, etcetera. Prizes are a #Marketing / #PR / #Propaganda tool to shape #PublicOpinion and an…
Occasional Xs: How it works (CXCIV)
#LearnRealEconomics#Deficit#Profit#Debt#Interest
— E.K-H (@AXECorg) May 7, 2024
The #MarketEconomy runs on #Profit. The macroeconomic #ProfitLaw implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Macroeconomic profit is mainly produced by the…
May 6, 2024
Occasional Xs: Paradigm Shift (XXX)
#Economics#FailedFakeScience#Reset
— E.K-H (@AXECorg) May 6, 2024
The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent & ALL got #Profit wrong. When the foundational concepts… pic.twitter.com/j8g13g9MKt
Occasional Xs: How it works (CXCIII)
#LearnRealEconomics
— E.K-H (@AXECorg) May 6, 2024
The U.S. economy runs on #Profit. The macroeconomic #ProfitLaw implies that the greater part is produced by #DeficitSpendingMoneyCreation. The economy is saved from #Breakdown by #Fed/#Treasury i.e. the State's deficit-spending/money-creation. #Bidenomics is… pic.twitter.com/du2i20b0Ot
Occasional Xs: The futile attempt to recycle MMT (CI)
#Economics#FailedFakeScience#MMT
— E.K-H (@AXECorg) May 6, 2024
“Maybe the National debt clock does not represent the terrible burden we are leaving our grandchildren.”
The macroeconomic #Profit Law implies #PublicDeficitIsPrivateProfit. So, the MMT policy of #DeficitSpendingMoneyCreation is a #FreeLunch… pic.twitter.com/pt5nSTTx2A
Occasional Xs: The futile attempt to recycle MMT (C)
#Economics#FailedFakeScience#MMT
— E.K-H (@AXECorg) May 6, 2024
The #FreeMarketEconomy runs on #Profit. The 3-sector #ProfitLaw Qm≡(G−T)+(I−Sm)+Yd implies that the greater part is produced by #DeficitSpendingMoneyCreation. So, the #PrivateFinancialWealth of #WeTheOligarchy grows with the #PublicDebt of… pic.twitter.com/OB7xnZ2ZGc
Occasional Xs: How it works (CXCII)
#LearnRealEconomics
— E.K-H (@AXECorg) May 6, 2024
The 3-sector #Profit Law ⇓ implies #PublicDeficitIsPrivateProfit. So, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy i.e. #PrivateFinancialWealth grows with #PublicDebt. #WeTheOligarchy owns the financial assets, #WeThePeople owes the… pic.twitter.com/YSBJo9rBgo
Occasional Xs: The futile attempt to recycle Milton Friedman (XIII)
#Economics#FailedFakeScience
— E.K-H (@AXECorg) May 6, 2024
For 200+ years, economics claims to be #Science but is NOT. The major approaches (#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, and their derivatives) are mutually contradictory & axiomatically false & materially/formally inconsistent &… pic.twitter.com/lYi6CQW3mz
Occasional Xs: The futile attempt to recycle Marx (XXVIII)
#Economics#FakeScience#DisInfoTainment
— E.K-H (@AXECorg) May 6, 2024
After presenting #Marx as the “affectionate grandfather” and “romantic husband” one wonders when this #Hollywoodization ends and other lesser-known (and unfunny) aspects of his personality are revealed.
For example: Wolfgang Waldner, Der…
Occasional Xs: Clueless economists / Science (LXXXVII)
#Economics#FailedFakeScience#Economists#StupidOrCorruptOrBoth
— E.K-H (@AXECorg) May 6, 2024
Since the founding fathers, #Economists have claimed to be doing science but they did NOT. What they really did was to disguise political #AgendaPushing as #Science or #EnlightenedPhilosophy or #Moralizing.
Adam…