The recent acceleration in technological change has brought a lot of talk of universal basic income (UBI) as the future for developed economies. While there are a lot of formal arguments that could be made against this, I thought it better to present a vision for a better world, if robotics and AI really are…Read More
While the political left may have been the most critical voice of the wealth inequality, ironically it may have been a combination of the government and Federal reserve under a Democratic presidency that oversaw the creation of the so-called “1%”. Quantitative Easing inflates financial asset prices while causing stagnation and growing debt levels in the…Read More
With their multiple PHDs and complex mathematical models, is no doubt that many of the world’s economists are highly intelligent. But as Zachery Shore makes abundantly clear, smart people can make bad decisions. This is especially true if they have incorrect assumptions or models, to begin with, as most contemporary economists do. The ability to…Read More
A recent thread on twitter from MMT proponent Stephanie Kelton got me thinking about the issue. The recent COVID stimulus funded by a massive deficit certainly has raised the question in a lot of people’s minds, though it was mainly papering over the cracks of a large amount of debt that wanted to deflate anyway.…Read More
The 1971 closing of the gold window, moved the world from a gold-based monetary system to a fiat-based system. Credit expansion then lead to indiscriminate debt and consumption replacing careful savings and investment, and many unintended consequences; economic, social, and environmental. Inspire by wtfhappenedin1971.com 1. Obesity Increase Due to excess consumption encouragement from increased debt, food…Read More