A Radical Critique of Universal Basic Income

ubiCharles Hugh Smith – Readers have been asking me what I thought of Universal Basic Income (UBI) as the solution to the systemic problem of jobs being replaced by automation.To answer this question, I realized I had to start by taking a fresh look at work and its role in human life and society. And since UBI is fundamentally a distribution of money, I also needed to take a fresh look at our system of money.

That led to a radical critique of Universal Basic Income (UBI) and an outline for a much more sustainable and just system of money and work than we have now. To adequately explore these critical topics, I ended up writing a 50,000 word book, Money and Work Unchained.

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Bitcoin vs Fiat Currency: Which Fails First?

fiat currenciesCharles Hugh Smith – I am struck by the mainstream confidence that bitcoin is a fraud/fad that will soon collapse, while central bank fiat currencies are presumed to be rock-solid and without risk. Those with supreme confidence in fiat currencies might want to look at a chart of Venezuela’s fiat currency, which has declined from 10 to the US dollar in 2012 to 5,000 to the USD earlier this year to a current value in December 2017 of between 90,000 and 100,000 to $1:

 

Exchange Rate in Venezuela: Continue reading “Bitcoin vs Fiat Currency: Which Fails First?”

U.S. Government Criminal Enterprise [Video]

FittsGreg Hunter – Financial expert and investment advisor Catherine Austin Fitts says the U.S. Government runs on massive criminal activity. Fitts explains, “The U.S. economy is deeply dependent on criminal cash flows.  We’re the global leader in money laundering.  If we stopped doing that, the economy would be in for a major, major change. . . .

The preference for most Americans is to keep that system going as long as it works for them.  So, it you are a public official, you are between a rock and a hard place.  If you press the red button and stop the illegal cash flows, then all hell breaks loose. . . . The U.S. Government has been run as a criminal enterprise, and I have documented and proved that on multiple occasions.

The swamp that exists in Washington is from sea to shining sea.  It’s not just in Washington.  It’s in every county and every state house in the country.  If we are going to change and clean ourselves of enormous financial dependencies on criminal activities, we are talking about a very big change, and it’s not just in Washington.”

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That Missing $21,000,000,000,000

skidmoreJoseph P Farrell – You know things are in a bad state when an economics professor at one of the country’s most prestigious research universities, the Michigan State University, says that there’s about $21,000,000,000,000 missing, and when he says that in spite of his best efforts to find out where it went, he meets a stone wall of obfuscation, buck-passing, and missing links. The story has now captured the attention of Mr. Greg Hunter, well-known financial commentator at USAWatchdog.com(our thanks to Mr. V.T. for spotting and sharing this article):

Missing $21 Trillion Means Federal Government Is Lawless – Dr. Mark Skidmore

What’s intriguing here is not only the wall of obfuscation that Dr. Skidmore was confronted with, but also the conclusions he drew from it:

In one example, Skidmore found a huge transfer from the Treasury Department to the Army that, again, was not authorized. Keep in mind, the Army has an approved budget of  a little more than $120 billion a year. 

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They Need the Markets to Implode [Video]

zangGreg Hunter – Market analyst Lynette Zang says even with the new tax cuts passed in Congress, the market looks like “it’s running out of steam.” Zang explains, “I have been noticing in the past month some pattern shifts that would indicate to me the market is struggling and breaking down.

So, these tax cuts make earnings per share look a lot better and also brings back a lot of funds. . . . The CEOs are saying that money will go into share buybacks, and they need to because that is shifting. . . . Corporate buy backs are actually breaking down.”

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Missing $21 Trillion Means Federal Government Is Lawless [w/ Video]

Skidmore Greg Hunter – Michigan State University economics professor Mark Skidmore made an astounding discovery about the finances and budgets of the U.S. federal government earlier this year. He and a team of graduate students discovered $21 trillion missing in the federal budget going back to 1998.

Dr. Skidmore, who specializes in public finance, explains, “We know from official government sources that indicate $21 trillion is, in some way, unaccounted for.  Furthermore, if we come back to the Constitution, all spending needs to be authorized by Congress.  It looks to me, and I think I can conclude with a high degree of certainty, there is money flowing in, as well as out, that is unaccounted for. . . . That’s the one thing we know from these documents, that there is $21 trillion in unaccounted funds.”

In one example, Skidmore found a huge transfer from the Treasury Department to the Army that, again, was not authorized. Keep in mind, the Army has an approved budget of  a little more than $120 billion a year.

Continue reading “Missing $21 Trillion Means Federal Government Is Lawless [w/ Video]”