Explain?
Discussion
Printing USD into oblivion, creating so much monetary inflation that the debts that we owe in real terms becomes nothing. Communist dictatorship is the next step history would show
I’ll add to my response that there’s a part of me which is an accelerationist.
I lightheartedly think that the state should print 1 Million dollars per citizen and then hand it out to everyone at exactly the same time, just so everyone can finally wake up and realize what an insane and backwards economic system fiat is. The structure is fundamentally the same as a UBI program, just taken to the logical extreme.
A Bitcoin Standard would follow soon after such a decision because it would be glaringly obvious that printing money doesn’t create more of the goods or services people want to buy, and in fact it destroys the pricing mechanisms of society and encourages people to waste more and produce less.
UBI is horrible policy which only is necessary, popular, or possible with money which is so soft that it can literally be created by decree.
Even under the assumption that people are so poor that they need it in the first place (ask yourself why) it has huge structural problems
1. Creates compliance to the state under threat of losing their checks
2. Disincentives work, savings, and frugality
3. Incentives people to stay in lower income brackets to maintain benefits
If there was a UBI system where there was an equal amount paid into it as there was taken out of it, and everyone did it consensually, then it would be ok. But fiat UBI programs are not that at all.
The government captures people who do work and produce goods like food, energy, and shelter, and then takes their labor through taxation and inflation and redistributes it to whoever they see fit. At first, this might be everyone in a certain income bracket, but the amount of power this system gives the state will always lead to it being abused and used as a social and political tool.