Currently, the Theory of Money suffers from a lack of consistent macroeconomic foundations and a lack of reliable empirical data. Because both macroeconomics and macroeconomic accounting are defective, there is no scientific basis for the decision between competing theories. The major approaches (Walrasianism, Keynesianism, Marxianism, Austrianism, and their derivatives) are mutually contradictory, axiomatically false, materially/formally inconsistent, and all got profit wrong. As a result, economic policy guidance has never had valid scientific foundations. It has never been more than silly political blather. This is an untenable situation. As Stigum put it, "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." In this paper, the essentials of the true Theory of Money are developed.
