October 31, 2020
October 29, 2020
#LearnEconomics— E.K-H (@AXECorg) October 29, 2020
The #ProfitLaw Q=(G-T)+(I-S) implies #PublicDeficitIsPrivateProfit. The current policy of massive #DeficitSpendingMoneyCreation benefits the #Oligarchy. Nobelist Stiglitz is too stupid for the elementary algebra that underlies macro. Seehttps://t.co/ABFUc41eMs
Unfortunately, you and the rest of academic economics are too stupid for the elementary algebra that underlies macroeconomic accounting.— E.K-H (@AXECorg) October 29, 2020
National Accounting: scientific incompetence or political fraud?https://t.co/0t1vz3XnEB
October 21, 2020
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- The counterfeiter never runs out of money.
- The counterfeiter never stops stealing stuff from the rest of society.
- The counterfeiter increases the profit of the business sector with his additional monetary demand. The Profit Law implies Public Deficit = Private Profit.
- The counterfeiter causes merely an almost imperceptible one-off price-hike (NO inflation).
- The counterfeiter poses as a good guy and boasts that he promotes growth and employment.
- The counterfeiter 'solves' any problem from unemployment to pandemics to global warming with deficit-spending/money-creation.
- The counterfeiter continuously increases the public debt but says that it does not matter.
- “In order to tell the politicians and practitioners something about causes and best means, the economist needs the true theory or else he has not much more to offer than educated common sense or his personal opinion.” (Stigum)
- Science manifests itself in the form of the true theory.
- Truth is well-defined by material and formal consistency.
- Logical consistency is secured by applying the axiomatic-deductive method and material consistency is secured by applying state-of-the-art testing.
- The true theory/model is the humanly best mental representation of reality.
- The main approaches ― Walrasianism, Keynesianism, Marxianism, Austrianism, MMT ― are mutually contradictory, axiomatically false, materially/formally inconsistent and all got the foundational economic concept of profit wrong.
- Because the foundations are false the analytical superstructure is false.
- Economics is scientifically worthless.
- Economic policy guidance (left/center/right does not matter) NEVER had sound scientific foundations. It's just opinion and blather.
- is pro-bible because the story of the Talents justifies interest, and anti-catholic because the early church condemned usury,
- hates the fiat-money bankers because they ended his gold supply monopoly and with it the rich and steady source of risk-free interest income as well as political power,
- is less than enthusiastic about the revival of the ancient idea of debt jubilees,
- fears inflation because it devalues his huge stock of government bonds,
- cautions against new debt because this increases the risk for old debt,
- hates the state when it levies taxes for welfare spending on top of the absolutely necessary interest payments,
- warns against confiscatory taxation on the landowners because “property ownership is … necessary for capital formation” well knowing that capital formation does no longer depend on the landowners.