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Public Credit; bye-bye debt
Topic Started: Oct 13 2013, 09:37 PM (134 Views)
hostFP
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Is using public credit, to eliminate the need for debt and interest for everyone, a good idea? Is it clear why public credit would be an accounting method only, not a method of financing?
Edited by hostFP, Oct 14 2013, 12:29 AM.
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hamenniby

I just came across this piece on Unconditional Basic Income (UBI):
http://www.huffingtonpost.com/mathew-schmid/unconditional-basic-income_b_6363970.html
I'm curious to hear your perspective on this article. In particular, I'm interested in your thoughts on the different ways a UBI could be implemented.
From the article: "And there are many ways to pay for it: through reworking our tax system, by instituting a consumption tax, eliminating income taxes and putting in a small wealth tax; and there are many other ideas that should be discussed and reviewed."
What do you think of these suggestions, and how does your proposal differ from them? Are there other approaches (besides your own) that you would support?
Thanks
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hostFP
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hamenniby
Dec 31 2014, 03:27 PM
What do you think of these suggestions, and how does your proposal differ from them? Are there other approaches (besides your own) that you would support?
Thanks
Personally I'm not in favour of any system that takes money from one person to give to someone else... especially when it's taken without the explicit consent of the person that it's taken from. Normally we use the word "robbery" to define such an act. If you believe that there is a genuine need for a UBI, why not create brand new money to fund it rather than confiscating other people's money?

Here's a quick little math test for you.

If you earn $100 and the government takes $25 of it away from you to give to someone else, what percentage of the total purchasing power do you have left? (answer: 75%)
and what percentage of your original purchasing power have you given up? (answer: 25%)

If you earn $100 and the government creates another $25 to give to someone else, what percentage of the total purchasing power do you have now? (answer: 80%)
and what percentage of your original purchasing power have you given up? (answer: 0%)

If you earn $100 and the government creates another $50 to give $25 to both you and someone else, what percentage of the total purchasing power do you have now? (answer: 83.3%)
and what percentage of your original purchasing power have you given up? (answer: still 0%)

Would it not be fairer to workers to fund a UBI this way?

I have not seen any other approaches that go anywhere near the roots of the problems with our current money system. The other ideas out there are all band-aids for a particular symptom of the deeper problems.
Edited by hostFP, Apr 14 2015, 03:59 AM.
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