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How can a US Dollar based UBI solve the problems of automation when the Super Admins of the US Dollar are explicitly pursuing the opposite goal? According to t
by banads 7y ago
How can a US Dollar based UBI solve the problems of automation when the Super Admins of the US Dollar are explicitly pursuing the opposite goal?
According to the Federal Reserve website, 2/3 of their main goals are:
1. Seeking to maximize employment
2. Maintaining stable prices
https://www.federalreserve.gov/faqs/what-economic-goals-does-federal-reserve-seek-to-achieve-through-monetary-policy.htm https://www.federalreserve.gov/faqs/what-economic-goals-does...
Automation and ephemeralization minimize employment and prices, but the money system seeks the opposite. Until these contradictions are reconciled, how can a US Dollar based UBI not fail?
- wyxuan 7y agoYou're right that it probably will lead to inflation. The only question is how much, because the fed right now is having a hard time providing inflation into the economy. The fed just pumped 500 billion in not QE, QE in the last month; but you wouldn't have noticed based on consumer price inflation.
- banads 7y agoAutomation should naturally lead to deflation for many goods and services
- SlowRobotAhead 7y agoSimple proposition, but the Federal Reserve is not part of the US Government. Perhaps it’s time that system be re-evaluated?
- banads 7y agoIndeed, the Federal Reserve is over 100 years old. However, I fear the Fed is such a powerful and entrenched legacy system that it is extremely unlikely for it to be politically re-evaluated unless there were some sort of catastrophic system failure.