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[–] TheSeer 1 point 0 points 1 point (+1|-1) ago
It is a simple question of whether UBI is financed via DEBT or via EQUITY. Wall St banks already create money for themselves and their cronies out of thin air. It is called fractional reserve banking (with fiat currency). UBI would simply entail taking that power from the Central Banks (Federal Reserve) and Wall St and giving it to the populace at large.
It would be inflationary, sure, but it would be a tremendous stimulus to the economy. Let me explain it this way. We have a system where most of the wealth aggregates in the hands of a very VERY small minority. So you have billionaires, earning a few hundred million annually. Well, how much of that do they spend, exactly? Maybe caviar, yachts, champagne, limousine drivers, high priced escorts, cocaine. But most of it is not spent. So now you take their PRIVILEGE of creating money out of thin air away, and give it to the populace. Now Joe Blo who was scratching a living has another 10k annual. Well, every cent of that $10k will be spent, every year. Maybe some on repaying debt (which doesn't have an economic stimulus effect) but a lot of it on clothes, gas, food, cost of living.
All of a sudden there is more demand for all kinds of services, babysitting, massages, job training, education. People are eating healthier, have more time to exercise, people spending more time with their family, raising their children, increasing happiness and health (isn't this what is most important)?
Hmm, who wouldn't want those things, esp. banks losing the ability to create money out of thin air?