UBI 101: How Central Banks Can Be Used To Provide It
(Edited)
In this video, I sum up what I talked about in the last few videos. Along with that, I provide the means which central banks can actually provide a UBI without adding to a nations debt. Also, I go into how this can be direct stimulus as opposed to going through the banking system.
▶️ 3Speak
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I actually fully agree with central bank based UBI. We DO NOT want any politicians, civil servants or any other control freaks of that sort meddling with UBI. It has to be automatic, unconditional and removed from political control as much as possible. Central banks are at the center of money creation and they are the best possible institution to create the liquidity for it.
I detest the idea of politically controlled UBI for many different reasons one of which is that voters tend to be absolutely clueless as to how the monetary system works and we don't want no populist politicians pandering to that ignorance one way or the other. Another reason is what you already mentioned which is that politicians would be tempted to make it a tool for social control.
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Summary:
In this video, Task discusses the concept of Universal Basic Income (UBI) as a potential solution due to technological advancements and economic challenges. He emphasizes the downsides of government-controlled UBI and proposes an alternative involving central banks issuing money directly to individuals, bypassing the government and traditional banking system.
Detailed Analysis:
Task begins by highlighting the need for UBI due to technological advancements and economic shifts. He points out the drawbacks of government-controlled UBI, expressing concerns about potential control, political influence, and enslavement of individuals reliant on government funds.
Task delves into the role of central banks in money printing, particularly focusing on quantitative easing as a norm in the face of technological advancements. He discusses the substantial monetary injections made by central banks and the implications for their balance sheets.
The discussion shifts towards the impact of money printing and debt on the economy. Task explains the process of the government selling bonds to cover budget shortfalls, highlighting the connection between monetary policy, debt, and the fed's actions.
Task proposes a unique approach to UBI, suggesting that central banks like the Fed could issue bonds directly to individuals as a form of basic income, bypassing the traditional banking system. He argues that this method could address wealth inequality and reduce the need for various welfare programs, potentially leading to lower government debt and even income tax reduction in the long term.
Drawing parallels with the creation of financial products and securities by Wall Street, Task advocates for a shift in the issuance of money to individuals rather than banks. He emphasizes the need for a change in legislative regulations to enable central banks to distribute money directly to the public, emphasizing the potential for a more efficient and equitable distribution of resources.
In conclusion, Task reiterates his support for UBI but emphasizes the importance of a new approach that minimizes government control and debt burden on taxpayers. He highlights the potential benefits of central bank involvement in issuing a universal basic income as a means to address economic challenges and societal inequalities.
Overall, Task offers a thought-provoking perspective on UBI and the role of central banks in reshaping economic policies to better serve individuals and address escalating financial disparities.