Nearly everybody accepts the economy exists. Nearly everybody doesn’t realise it’s just a graph. That dreaded…

Nearly everybody accepts the economy exists. Nearly everybody doesn’t realise it’s just a graph. That dreaded inflation? An emergency for the economy, because that price point where P0 meets B and A is the equilibrium point of the perfect market. /1 https://t.co/G13tuYS0og

Rising prices - inflation - mean the sacred market is failing. Demand and supply are out of whack, so central banks (the priesthood of monetarism, or market-based societies) will raise the price of money to suppress demand, to drive prices down. Or so the theory goes. /2 https://t.co/jxD1W8rHdH

A is excess demand. B is excess supply. A drives prices up, back to P0. B drives prices down, back to P0. Magic! No government or regulation needed, society will run itself, balancing supply and demand, with prices reflecting exactly the balance between supply and demand. /3 https://t.co/apR7eDEKQ4

Decades of all-out assault on the public has been driven by this one graph. Society will reach a lovey equilibrium, all by itself if you just stop anything coming between the self-balancing of supply and demand. Like government, and its regulation. /4 https://t.co/xNjvHaBJGs

Again this is why inflation is the most sacred emergency, for societies that have been conned into thinking they’re economies. In this lunatic equilibrium view of social life, rising or falling prices always mean (they say) that the graph has been interfered with. /5 https://t.co/0YDA46sS3s

Central banks will bankrupt people and businesses with rising interest rates, to drive everything (they think) back to P0. Back to the self-balancing market. You can’t address the actual supply of or demand for things, because that would be regulation. “Anti-competitive.” /6 https://t.co/j61i2CRwYV

Nope, you just fiddle with the money (why it’s called monetarism), via interest rates, to force the equilibrium to return. It’s staggering nonsense, all of it. An equilibrium that never seems to happen, without intervention. In a system that opposes intervention. /7 https://t.co/U2xifD3ntj

A self-balancing equilibrium system that never balances, is never at equilibrium, without heavy intervention. The only intervention the market loons still allow, with their ham-fisted bull in a china shop single tool of interest rates. Smashing lives and businesses. /8 https://t.co/wc5UXc2FXN

Of course professional economists add whole layers of Ptolemaic epicycles to this nonsense, to try to save it. Nash equilibria. Partial equilibria. Unstable equilibria. Dynamic equilibria. Etc. The key thing for the non-economist to recognise here is the equilibrium itself. /9 https://t.co/x96wb11tgY

The idea that societies self-regulate. No State regulation needed, except an ‘independent’ central bank. This was the con this single graph used to dismantle society’s institutions. Clear away everything, except the market. Except societies are social, not equilibria. /10 https://t.co/5dkdn83v3Y

Without regulation, they do one and only one thing. Always, and at every scale. They form hierarchies. Social hierarchies. Hierarchies driven by social conformity and emulation. The one and only thing that equilibrates those hierarchies is law. Regulation. /11

That’s why humans invented law and regulation. The very thing the market loons oppose fanatically. If you install a power point at home, does it provide you with a stream of electrical energy because we ‘competed’ for the best design? Electrocuting until we got it right? /12 https://t.co/KyfpomqoJK

No, we regulated a standard. Which was the most efficient way to give us not only safety, but also to dramatically accelerate the use of power. Efficiency, productivity. We didn’t allow social fads and fashions to determine it. Nor a fantasy market. We regulated. /13

Just as we regulated Covid out of our lives, through public health measures. And the stripping away of those regulations to be replaced with a privatised Covid market of personal responsibility has led to mass infection and death. A real-time test of the rival theories. /14

Regulation is the best thing for an economy, as well as for us, socially. Because there is no economy. Just a society. The equilibrium theorists are just using fancy concepts and maths to do nothing more than entrench a status quo. One they profit from. Look at how it works! /15

Every deviation from business as usual is bad. How stupid are we, that we fell for that? Completely self serving drivel. Without regulation you get hierarchies, driven by social behaviour. The economy/market is just another social hierarchy, favouring those who invented it. /16

These are the true battles of our time. Between regulation (and its associated State), and the market. Which doesn’t exist, except as a graph that never works. /end