January 31, 2021

Occasional Tweets: Mission Economy ― a PR shot in the foot

 


Economists as clowns and useful idiots

Occasional Tweets: Deficit spending as self-elimination of the state

 

Political fraud and the silence of academia

Comment on Dirk Ehnts on ‘Happy 25th birthday, Modern Money Theory!’


COV19 is the best thing that could happen to Modern Monetary Theory/MMT. In the current emergency, almost everybody agrees that public deficit spending is the right thing to do and that all concerns about the permanent ― and now accelerated ― growth of public debt is far down on the priority list. This is a triumph for MMT because they are for a long time now the outspoken proponents of deficit-spending/money-creation as the solution to most economic problems.

MMTers have built a huge analytical/rhetorical superstructure around the benefits of public deficit-spending and the evils of austerity/neoliberalism and the wickedness of budget-balancers. So, with some justification they can say ‘We told you so’.#1

The problem with the increasing acceptance of MMT is that it does NOT prove that MMT is scientifically valid but that it has been heavily pushed through all media channels lately.#2

It has been proved that (i) MMT is scientifically worthless#3-#5 and (ii) a political fraud for the advantage of the Oligarchy and the disadvantage of WeThePeople.#6-#15

So, it has been established that MMT has nothing to do with science but is a plain political deception of WeThePeople.

Economics claims to be science and MMT is one of the major approaches. So, the question is, does the rest of academic economics not realize that MMT is materially/formally inconsistent, or do they realize it but help to cover the failure/fraud? In brief: are academic economists stupid or corrupt or both?

This question has to be answered for every single economist and this is going to take time. What can be said with certainty at this point is that the major approaches — Walrasianism, Keynesianism, Marxianism, Austrianism, MMT — are mutually contradictory, axiomatically false, materially/formally inconsistent and all got the foundational economic concept of profit wrong.#16-#20

So, the preliminary answer to the question of why academic economists do not refute MMT and ring the alarm of political fraud is that they themselves have never understood how the economy works. It holds for all of them: economists are not scientists but brain-dead agenda pushers in the political Circus Maximus.

As a consequence, Walrasians, Keynesians, Marxians, Austrians, and MMTers have to be expelled from the sciences.

Egmont Kakarot-Handtke


#9 For the full-spectrum refutation of MMT see cross-references MMT


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Wikimedia AXEC142b

January 30, 2021

Occasional Tweets: Economics is proto-scientific garbage

 

Occasional Tweets: MMT ― zero credibility

 

January 29, 2021

Occasional Tweets: Deficit, debt, and distribution

 

Occasional Tweets: How economists serve the rich (II)

 

Occasional Tweets: MMTers still don't get the foundational sectoral balances right

 


For more about sectoral balances see AXECquery

Occasional Tweets: Economics has to be expelled from the sciences

 

January 27, 2021

Occasional Tweets: MMT is refuted on all counts (II)

 

Occasional Tweets: MMT's true program

 

January 26, 2021

Occasional Tweets: MMT ― bad science, bad policy, bad people (II)

 


Related MMT: How mathematical incompetence helps the Kelton-Fraud 

Occasional Tweets: MMT ― bad science, bad policy, bad people (I)

 


MMT― a Wall Street myth

► MMTers are NOT Friends-of-the-People
► MMT: So-called Progressives as trailblazers for Trumponomics
► MMT: Academic snake oil for the people
► Very busy these days: Wall Street’s agents
► MMT: agenda-pushing and money-making for the Oligarchy
► MMT = proto-scientific garbage + deception of the 99-percenters

January 25, 2021

Occasional Tweets: The Employment Law

 

 Employment

So, in the final analysis, who pays for the minimum wage increase? In real terms, the complementary group pays, i.e. all those who do not get the increase. The wage increase does NOT affect the business sector's profit as a whole if the expenditure ratio = 1.

January 22, 2021

Occasional Tweets: Gossip economics

 

 Gossip economics

January 20, 2021

Occasional Tweets: Orthodoxy is idiocy, Heterodoxy also / Orthodoxie ist Schwachsinn, Heterodoxie auch

 

Learn economics

January 18, 2021

Occasional Tweets: MMTers hide macroeconomic profit in order to deceive WeThePeople

 

January 17, 2021

Occasional Tweets: Knowledge only ― no opinion

 

January 16, 2021

Occasional Tweets: Lincoln lied for the benefit of the Oligarchy and betrayed WeThePeople

 
Related Is MMT good for WeThePeople or for the Oligarchy?' and 'MMT: A new myth for WeThePeople' and 'How counterfeiters save America with an extra profit and make WeThePeople pay for it' and 'The day when WeThePeople sends debt-deranged economists to hell' and 'MMT: An overdose of public-debt tranquilizers for WeThePeople' and 'MMT Progressives: The knife in the back of WeThePeople' and 'Mission impossible: economists join WeThePeople' and 'MMT: How the Oligarchy communicates with WeThePeople'.

Occasional Tweet: Economists are a hazard to their fellow citizens

 

Occasional Tweets: Money is information

Occasional Tweets: Economics is cargo cult science

 

January 15, 2021

Occasional Tweets: Stephanie Kelton

 
 
For more on Stephanie Kelton see AXECquery.

January 11, 2021

Occasional Tweets: MMT, pseudo-moral blackmail, and the greatest distributional fraud ever

 
Related The Third Way: Towards the happy Zero-Tax Economy

Occasional Tweets: Economists' scientific incompetence

 

January 10, 2021

Occasional Tweets: How economists serve the rich (I)

 

* Quoted from The Pitchforks Are Coming… For Us Plutocrats - POLITICO Magazine 

January 9, 2021

January 8, 2021

Occasional Tweets: Gatekeeping

 

January 7, 2021

Occasional Tweets: Fake science

 

January 6, 2021

MMT pushes the Oligarchy's agenda ― and they push MMT

Comment on Arun Kakar on ‘How Modern Monetary Theory gained currency’


The 3-sector macroeconomic Profit Law Q≡(G−T)+(I−S)+Yd implies Public Deficit = Private Profit. Thus, the MMT policy of deficit-spending/money-creation results in a free lunch for the Oligarchy. This is why MMT is currently pushed over all media.


Egmont Kakarot-Handtke



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Twitter Feb 23