Printing Money For UBI

[Speaker to Animals]

Your interest rate was the product of Volker's management of the Fed, not inflation. The stagflation existed, certainly.

[SuburbanFarmer]

Bullshit.

Huge pile of dino-bullshit.

Inflation is WAY higher than 2%. They manipulate the number by adjusting the basket from year-to-year. For instance, when good beef becomes too expensive, they substitute that out with ground chuck from Walmart, made from toxic meat based on the assumption it's all same-same. Then when fuel prices go up, they will remove some of the fuel consumption from the basket.

Just going by rent and housing costs in particular, inflation is WAY fucking up in the past ten years. Since QE, inflation is fucking bad. They just manipulate the numbers.

Agree. Actual inflation is already rampant.

I was just pointing out that the official rate is already at 2%. Certainly not nothing.

[Martin Hash]

Your interest rate was the product of Volker's management of the Fed, not inflation. The stagflation existed, certainly.

Dude, there were price controls. The 70s were crazy economics, left over from the John Kenneth Galbraith era.

[Fife]

I’ve been watching a lot of doom-n-gloom YouTube videos lately saying it’s too late to do anything about the “Financial Crisis.” I say bullshit, print more money. Of course, immediately folks start screaming “Inflation!” but there hasn’t been inflation for the $60 trillion we’ve printed so far; as long as productivity equals consumption, inflation is held at bay, and obviously people don’t need the $60 trillion, they just imagine it’s there.

Redistribution of wealth can also be through printing money as long as everyone is given the same amount. This actually supports the idea of a UBI; print it. The down side is loss of productivity from slackers deciding not to work. Maybe only give the UBI to people who do?

Martin, I can't believe you're just standing by while this Johnny-come-lately Yang-Gang is trying to steal the glory of your Magic Beans Monetary Theory.

Keynesianism is being ceded to the dope smokers and the slackers right before your eyes, man!

Krugman is going to beat you back to the high ground if you dont step it up, bud.

[Martin Hash]

I am constantly amazed and amused that you think your opinions have more validity than mine?

[Fife]

What are you talking about? I"m not interested in a dick-measuring contest. I'm sorry but your dick is utterly uninteresting. I am interested in your ideas.

The moral hazard of wealth redistribution is playing out right before us; you don't have any commentary?

[Smitty-48]

Fuck work. Soon as anybody makes UBI a quid pro quo for work, the whole concept is destroyed.

The whole point is not to have to work for it, freeing people up to do less work.

[Speaker to Animals]

UBI we can debate as something good or bad. Literally printing more funny money to fund the UBI is fucking dumb. If you want that, move to Venezuela.

If you are going to do this, fund it with consumption taxes or something, but definitely don't increase the money supply. All you will do is cause inflation and you will be right back where you started in real terms, running on a bankster's treadmill.

[Fife]

Regarding Smits comments about "fuck work," who better than a government employee on the teat to chime in on the point of moral hazard?

I'm not pissing on your opinions, Martin. I want to dig into them.

[Fife]

UBI we can debate as something good or bad. Literally printing more funny money to fund the UBI is fucking dumb. If you want that, move to Venezuela.

If you are going to do this, fund it with consumption taxes or something, but definitely don't increase the money supply. All you will do is cause inflation and you will be right back where you started in real terms, running on a bankster's treadmill.

I have discussed with you all before that we could have an interesting discussion on UBI, or negative income tax -- if there is some way to make it revenue- and tax-neutral.

However--

1. Printing funny money is a tax; the worst one there is, at least on as it regards intellectual honesty.

2. UBI will not replace wealth-transfers or welfare. There is no way in Hell that UBI is going to replace aid to dependent children of crack whores or disabled people. Not in this lifetime.