“Every penny the government spend is new money, created by the act of spending. Taxes are collected after the government has created the money.” (David McNab)
— AXEC (@EgmontHandtke) March 27, 2026
David McNab has no idea of the difference between transaction money and money as a store of value. He has no idea of… pic.twitter.com/LGe3250ntQ
AXEC: New Foundations of Economics
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.
March 27, 2026
Occasional X: Clueless economists / Money (XCXXV)
Occasional X: How it works (CDLXV)
“Modern Capitalism resembles Feudalism more and more.” (David Graeber Institute)
— AXEC (@EgmontHandtke) March 27, 2026
David Graeber never understood profit and, by consequence, how the economic system works.
The U.S. economy, as an example of a free-market economy, runs on profit. Macroeconomic profit is given by…
March 26, 2026
Occasional X: The foul spirit of political economics (CCXLXIII)
Economists — the masters of platitudes.
— AXEC (@EgmontHandtke) March 26, 2026
It's time to forget all those people who haven't done well in science. ⇓ pic.twitter.com/QkhmFu76Wx
Occasional X: The foul spirit of political economics (CCXLXII)
Economists have never understood the difference between politics and science. This is why economics is failed/fake science to this day.
— AXEC (@EgmontHandtke) March 26, 2026
Economics has defined itself as a social science and accordingly has been based on subjective/behavioral assumptions/axioms. This is the lethal… pic.twitter.com/xZDCwq3BeU
Occasional X: Clueless economists / Money (XCXXIV)
“No, morons. The government's role makes it impossible to become insolvent in the money it makes. You don't create money.” (Michael Edwards)
— AXEC (@EgmontHandtke) March 26, 2026
You don't, but your neighbor does. There has always been private and public counterfeit money. For the Central Bank, the question is…
Occasional X: Clueless economists / Science (CCLXXXVIII)
Ragnar Frisch, too, got economics wrong. For details, see
— AXEC (@EgmontHandtke) March 26, 2026
EconoPhysics and Pluralismhttps://t.co/sYufU1NJ3y
It's time to forget all those people who haven't done well in science.
Occasional X: Clueless economists / Money (XCXXIII)
“REMINDER: Every fiat currency in recorded history has collapsed to zero value … The Romans debased their denarius from pure silver to worthless bronze. ” (Handre)
— AXEC (@EgmontHandtke) March 26, 2026
Obviously, the denarius does not fit the definition of fiat money: “Fiat money or fiat currency is a type of…