Kennedy wants to do justice to the poor. She wants to eliminate interest and inflation rate. This paper proves that her theory is based on four misunderstandings, and that her theory actually results in even higher interest and inflation rate. Kennedy has instead inflicted injustice

This paper proves that most central banks do not produce any correct balance sheet. The liability is far less than the assets. The reason for this imbalance is the wrongful claim that governments owe central banks money. This paper should help countries, like Greece and Spain, free themselves...

This paper challenges the claim by central bankers that they earn money for their countries and give their governments the badly needed budget. It proves that they cannot and do not make any profit. When the central bank returns the illusionary earning to its government, the operation is a...

This paper disproves the Keynesian Liquidity theory and the IS-LM model. An alternative monetary theory is developed based on Adam Smith's Wealth of Nations. Although interest rate is lowered by monetary expansion, there is no definite effect on output and employment, because of the chaos and...

This paper proves that central banks are not moneylenders. They are perhaps Santa Clauses, but in reality they are vampires sucking people's blood. The bigger they grow, the hungrier they are. This paper advocates breaking up of large central bank into smaller ones. The case of the conflict...

Seigniorage means printing money without backup or without 100% backup. Such practice is stealing. Attempts to work out the optimal amount of stealing are insane. This paper refutes another manipulating attempt

Aizenman designs an optimal seigniorage scheme that a minister should print money until his real balance is maximized. This paper proves that his optimization is a fabrication. If printing money were a business, the minister would crazily print without limit