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RE: Andrew Yang's Siren Song of Free Money Will Cost You Dearly
You seem to have a disconnect in understanding the consequences of overprinting a currency. I don't know how to get you there. The collapse is coming, and the program you want to see will get us there faster. Not only will it get us there faster, but it will also create a whole class of individuals who will feel extra entitled by the time the collapse hits. They'll feel extra entitled because of the "free money" that worked for a very short period of time before ultimately triggering the end of the dollar as we know it. You seem confident in your misunderstandings and that's fine, we can certainly agree to disagree.
You seem to not understand that overprinting is a relative term, and you seem to think that the empirical evidence that there is for inflation in relation to money in circulation/on account which hardly correlates isn't indicative of the nature of inflation (which is not overprinting, how did Brazil reverse inflation again?). Go inform yourself, your fake platitudes and concern is obvious, if you really cared you would begin at home, examining your "understanding" and knowledge of inflation, of the numerous ubi experiments. All you're doing is spreading FUD. You don't have any idea about ubi, and a very telling low brow opinion of your fellow man, of an entire generation, a "whole class".
The collapse is still coming, this has been the same line that has been repeated by people for 80 years. In fact, giving money creation to the fed, (money creation which is initiated by the public, on behalf of the public, for the public) and moving off a commodity backed standard was the sanest thing to do. Not only did it add to the stability of money because there was no commodity to hoard and manipulate the market with to hedge bets against the currency, neither oil or silver/gold, but it allowed for wealth to be created freely, without putting pressure on the scarce money, that with each consequent economic boom, it would devalue goods and services through monetary scarcity, and nothing else, something that is the opposite of overprinting, something that is relative, just imagine what a failure it would have been to pay in gold backed dollars, I don't think you know or understand the perils of commodity money, as much as you are under the assumption that they are the only sound money.
The fed has U.S. in perpetual servitude. It's literally impossible to pay them back. The only way to pay them back would be to borrow from them enough money to do so, and then we'd be in even more debt. The fed is the epitome of modern high tech slavery. The federal reserve owns the country and everyone in it and can willy-nilly make or break us with a simple hike or drop in the interest rate. Your worship of their system seems so strange. I think you've tipped your hand with the below statement.
If you get the chance, please watch this and share your thoughts about it.
And what's the point? You regurgitate the same nonsense that other fear mongering idiots do, as if we HAVE to pay them a penny, or as if they can call the shots, as if what? They'll stop running the mills? Are you that simple minded?
Indebt to who? You don't know what you're talking about. What can the fed do? Not shit that's what. You know who gives the orders? Not the fucking fed. O no, we owe the fed all this money. Because? Lol you don't know what the fuck you're talking about. Keep regurgitating the nonsense without any critical thought regarding it.
Yeah, I'm worshipping a money printer. As if the value comes from them, as if they can provide a shred of evidence for their loss, which any tort or broken contract depends on, as if they have nothing to lose by fucking with their employers and hiking up interests rates, because they aren't getting paid? Wake up, you literally believe that gold could ever account for one percent of one percent of one percent of the wealth being created Daily by the world? You think it could be a good medium of exchange when we would be paying for cars in micrograms and don't even talk about anything cheaper. Every time anything is created and is in demand, it makes the money more scarce, since the money doesn't increase with the consumption. It leads directly to exactly the same effects as hyperinflation, except that instead of not enough worthless money to buy a bread is replaced with no way to pay anyone anyhhing since the money is that scarce.
You don't seem to understand that a lack of money is as bad as hyperinflation, or worse, and you sit there talking about overprinting and inflation when you disregard the numerous sources that were provided /referenced that dispel that nonsense with hard facts, it's even in the white paper, it dispels the myth with hard fact. You don't seem to understand, again, that overprinting is a relative term, and that by hard facts the QTM is only a theory, to this day, more than 300 years since it was first proposed, and without the evidence for it, which is why that investopedia article spells it out that almost no economists subscribe to it.
That was among the most common critiques. I doubt you bothered to read it, or bothered to entertain it, or explore it, investigate it, but you sure did spend a good minute writing about something you have no fucking clue about. Ergo you are reduced to
"la la la I am right you are wrong I don't care what you say la la la la la" walks away with ears plugged yelling "la la la"
Mockery didn't return the intended result?
I don't even know what your quoting. It's common sense that money printing leads to devaluation of the dollar. When exactly it leads to hyperinflation is any one's guess. The world is already turning away from the petrodollar and every time they try the U.S. tries to reign them back in with threats of warfare. It'll only work for so long before something wicked this way comes. The U.S. couldn't even make good on the "free health care" pipe dream which turned into "affordable health care" and that wasn't even affordable and you're going to trust that a UBI will work out? Once these hustles get into place it's almost impossible to undo the damage done, and to roll it back. In fact, it takes an act of congress. Be careful what you wish for, you might just get it.
Of course you don't know what I'm quoting, it's why I said I doubt you bothered to read it, it's literally the last article I linked after you tried to mock ubi or the people of Zimbabwe or both. If you read the white paper you'll not consider inflation as simple as you think. It talks about how more money printed doesn't translate into devaluing the dollar, contrary to your so called "common sense". If you bothered to read the investopedia article you'll see that theory is not supported by most economists, like I quoted, or empirical evidence. Yet here you are still talking about something you don't know shit about, besides ubi. The same thing was pointed out in the medium article on Inflation and UBI I linked in response to your theory of increased cost of living, blowing both out of the water.
Argumentum ad populum doesn't do it for me. It hasn't for anthropogenic global warming and it won't for UBI. You have to understand that if UBI came anywhere near to the desert of the real that everyone would be doing it. However, because of whatever, this or that, it is not feasible. You have to understand if your theory came anywhere close to working I'd be down for it, but don't try it here first. Your ambitions are like Icarus flying too close to the sun. I know you don't have any malintent. However, you do not know what it is that you're getting yourself into. Affordable experiments on a small scale do not equate to unaffordable experiments on a larger more ridiculous scale. Governments want to be wanted and needed to be needed and what's more desirable than a fucking pipe dream. I'd extend myself so far as to say nothing is on par with that kind of wishful thinking. That said if it was possible; a nation-state would be doing it as we speak.
It's not about what's popular at all. What are you talking about argument ad populum? "if it worked we would have done it already" dafaq kind of logic is that? The Wright Brothers would appreciate your flawless retort. And what's the other one? "however, whatever, it's not feasible" that's your other argument? Or is it "it works everywhere else but here". Da faq. Again, you don't know jack shit about ubi. You don't know jack shit about inflation. Read the fucking white paper, come back with something that isn't remotely as ridiculous as decrying something that is supported by evidence as a fallacious argument or reasoning that "if it worked we would have done it", or even more ridiculous, "however, whatever, it's not sustainable". You're a joke.
That's argumentum ad populum if it's even correct, you may have been making a gross generalization. Besides, the Austrian school of economics makes a helluva lot more sense than whatever drivel is taught in school nowadays. Thomas Jefferson said it best: "Never spend your money before you have earned it." However, that's just common sense, or it should be anyhow.
Why don't you show me how it's done? I'll give you a bitcoin address, and you can send me a UBI. We'll try it out for a year or two and I'll get back to you with the results. Surely if you expect it to work on a grand scale, we can prove it on a smaller scale first, right? Watch the video below, it's anchored to a specific time. It seems our little debate can be summed up as a Monetarist vs. Keynesian view of the economy.
P.S. I'm not saying that I subscribe fully to monetarist theory, just the one aspect with respect to unchecked inflation.
It has been studied again and again with the same results. You can pretend that it hasn't all day long, the facts are there for anyone who cares to investigate. And yes
What follows is WHY, and that is Because the Empirical Evidence does point to QTM and inflation working like that.
You know, even if you are right about the UBI and by some black magic it isn't going to cause inflation, the VAT will feel like inflation at the point of sale. That in itself has an effect similar to inflation and is practically indistinguishable from it. The only difference is what you call it. Inflation is a hidden tax, and the VAT is a direct tax. They're both just taxes.
If you can hypothetically duck hyperinflation by having an upfront tax to cover the bill, people are still paying more for goods and services just as they would with inflation. Does a war by any other name not smell as putrid? I mean you may as well be arguing with me that the U.S. hasn't been to war in decades and that these little tiffs we've been getting into all around the world are just military conflicts. You'd be right in name only, but these are just tricks of the mind.
The problem with top-down tinkering in complex systems that evolved from the bottom up is there are innumerable moving parts that work in synchronicity with each other and every time someone upsets the applecart it creates a chain reaction of events that may not be readily obvious.
Maybe Yang will win his 2020 bid, and you can either learn from the school of hard knocks, or perhaps utopia exists, and I’ll be in a state of pure awe and amazement. One sure-fire certainty is that the VAT will spike prices at the point of sale. Yang frames it as if the tax will only affect silicon valley, but I’m not buying the impression he is trying to put out in that regard.
It seems wiser to slash the income tax to zero until after someone earns 12k; this way they would not have to resort to playing with fire. I foresee a free money system having strings attached and compelling performance. Not up to date on your vaccines, no UBI for you. Failure to enroll in the new single-payer health care system, no UBI for you. Said something uncouth, rude, or politically incorrect on the internet, no UBI for you. Without said UBI you won’t be able to afford the added tax on goods and services at the point of sale.
It will be a clever way to manipulate people and will give the social credit system they want to roll out some teeth. The clip below is a good illustration of the amazing complexity of free market systems that evolve from the bottom up. Something seemingly as simple as the organization involved in manufacturing a pencil is surprisingly intricate, and market tinkering generally tends to cause unforeseen blowback.