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RE: Ethics and Morality of Basic Income.

in #cryptocurrency7 years ago (edited)

I didn't say that central banks don't print money/currency. I said that the vast majority of money is created by commercial banks as debt. In most advanced neoliberal economies it is 90%+ region. And as I said, you need that money creation to fund economic growth. There's no reason that that money can't be used to fund a UBI. It's all about what we value and how we value it.

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...what? How can debt be money? Moreover where do you think they get the money to loan out? Why do you think the house crisis in 2008 happened?

Money (outside of central bank printing) is loaned into existence by commercial bank loans, and is winked out of existence when it is repaid. This is not in the slightest controversial. Consider this simplified example:
Alice deposits $100 into her account at Bank A. Bank A loans that $100 out to Bob. Money supply has just increased from $100 to $200 (as both Alice and Bob have claim on $100 each). That extra $100 is a debt. This is how the vast majority of money comes into existence.

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