Henry Ford Sr. once said, "It is well enough that people of the nation do not understand our banking or monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
Indeed, every citizen of the world needs to come to understand the flawed nature of our immoral and highly ineffective monetary system - the root cause of all senseless human suffering. Now is the time for universal insight concerning the Universal Basic Income - how and why implementing the Universal Basic Income in the manner described in this essay will fix what ails our current monetary system and why implementation of UBI will lead to an evolution in our humanity.
What is UBI? Universal Basic Income is a set amount of income given freely to every adult citizen - enough income to cover the basic necessities of life - food, shelter, clothing, medical care, etc - based on the current minimum acceptable standard of living of any given area in the world. Implementation of UBI will serve as the foundation of a reformed monetary system – a new system which at long last acknowledges the intrinsic value of every human being, regardless of their current situation or station in life. An enlightened monetary system that fulfills the needs of the people instead of the desires of bankers.
How will UBI be funded? The the only feasible way to fund UBI will require a simple, elegant change to the world's current monetary system. UBI should overturn the 'immoral' aspects of the current federal reserve system. Specifically, UBI should become the new process by which all NEW money is allowed to come into existence – the method by which the money supply is expanded.
To grasp the power and promise of the Universal Basic Income requires a basic understanding of why our current monetary system is an inefficient and grossly immoral system and therefore, quite logically, a system destined to create ever-expanding economic inequality - which in turn promotes civil unrest, crime, hunger, and war.
Perhaps you have heard the old saying, 'Money doesn't grow on trees'. True, money doesn't grow on trees, it is instead created out of thin air, by a system known as Fractional Reserve Banking. Fractional Reserve Banking is the current means by which all NEW money - money that never existed in the world before - comes into existence. It is this aspect of the monetary system which is intrinsically immoral and must be reformed in order to facilitate true economic prosperity and economic justice in the world.
Under the current system private lending institutions have been granted the God-like power to create all NEW money – money that never existed in the world before. However, by the rules of the current system NEW money can only be created when people are willing and able to take on new debt. People borrow newly created money from lending institutions and then spend that money into the economy for whatever purposes they have chosen – thus stimulating and expanding the economies of the world. However, that NEW money must ultimately be paid back to the bankers - along with interest. So banking institutions ultimately become the true beneficiaries of all newly created money. This is how and why 82% of all 'newly created' wealth became the property of 1% of the world's population in 2017 and why this trend toward wealth inequality will only get worse in the future.
This method for creating NEW money is immoral because it ensures ever-expanding wealth inequality - by design - since only a small percentage of people are allowed to share in the new wealth generated by the process of new money creation.
In a fair and just monetary system everyone should be entitled to OWN a share of any NEW monies created through the money creation process – not just a few. Rather than allowing NEW money to come into existence through DEBT owed to a small percentage of individuals, all NEW money should come into existence by way of a Universal Basic Income. The world population as a whole should be the true beneficiaries of all newly created money – not just bankers.
Implementing UBI will also prove to be the most efficient way to manage and expand the economies of the world. Developed nations do not need, nor can they continue to sustain, vast sums of NEW DEBT in order to grow their economies. Developed nations need populations with adequate and predictable quantities of money to spend - which in turn causes the existing and newly forming industries to prosper and expand globally - ultimately bringing prosperity to the entire world.
Banks don't need to be capitalized by repayment of debt along with the interest they charge - banks need to be capitalized by increased deposits - which UBI will provide. The money supply should be controlled by regulating the amount of UBI available each year.
As multi-national corporations, which supply the bulk of the world's essential products and services, become more and more automated the trend will continue to be the loss of good paying jobs world-wide - particularly in highly developed areas of the world. UBI will serve as the catalyst for another highly beneficial phenomenon which will address the issue of job loss and wage decline. UBI will facilitate the birth of a much more humane form of capitalism. Voluntary Capitalism (True Capitalism) will begin to augment and eventually replace the current version of capitalism – which is a form of Forced Capitalism – a form of modern day slavery. Voluntary Capitalism is capitalism which is financed – not just by bankers – but by UBI. Voluntary Capitalism is born from an individual's desire to provide some unique product or service to the world - but does not require the high degree of financial success currently necessary to sustain 21st century dog eat dog capitalist enterprises.
Consider the millions of family run businesses lost in developed nations in the last century due to an inability to compete with huge multi-national corporations. Many of these small businesses would still be here today had UBI been able to augment the incomes of those small business owners. Many people have a strong desire to work for themselves, to be unique independent productive members of society - or to work for a small family owned company. However, the need to compete with giants while maintaining a 'livable' level of financial success has deprived many of their ability to work in the professions of their choice. The loss of small family run businesses in the developed world is a cultural tragedy as well as an economic tragedy. Family run enterprises knit families and communities together and create the ideal atmosphere for raising children blessed with hope and optimism for the future. UBI will provide the income foundation necessary for anyone to pursue the profession or business of their choice and will restore financial and cultural health to communities.
It is perhaps impossible to list all the benefits of UBI, because the implementation of UBI will alter the very nature of our humanity. When the life-long struggle to compete with one another just to survive has finally been lifted from the citizens of the world the mental health of the entire world will be greatly impacted for the better. This will inspire more empathy in humanity which in turn will promote the type of cooperation necessary to achieve things currently deemed impossible. Indeed, even world peace and the elimination of dire poverty, chronic crime and civil unrest will eventually follow the implementation of UBI.
When will UBI be implemented? When grassroots political movements are able to force their governments to act.
Great resistance will be offered by powerful forces to keep UBI from becoming a reality. Disinformation, fear and force will be utilized to try to stop the implementation of UBI. UBI will be branded as 'unfeasible' by the ruling banker class through their puppet economists, politicians and corporate media outlets. Spurious arguments such as, "If UBI is enacted everyone will simply stop working and society will collapse", will be advanced.
Surveys have already demonstrated that when people are asked the question, "Do you think large segments of the population would stop working if UBI were enacted?" - those survey respondents overwhelming say, "Yes, large segments of the population will simply stop working if UBI is enacted". However, in those same surveys, when those same people are asked this question, "Would you yourself stop working if UBI were implemented?", the overwhelming response is, "No, I myself would not stop working if UBI were implemented".
The truth is, it is the rare individual who does not wish to engage in meaningful work throughout their lives and the few text experiments implementing UBI show the vast majority of us hope to prosper well beyond the basic necessities of life that UBI will provide.
Another predominate argument against the implementation of UBI will center around the belief that large injections of cash into economies 'logically' creates runaway inflation. This argument ignores the fact that all forms of inflation can be regulated out of existence by any government willing to put the brakes on greed based inflation within their economies. The only 'true' and therefore unavoidable type of inflation is inflation caused by scarcity.
Fear is the primary driver of all catastrophic inflation - when a population suddenly loses faith in the value of its own currency. Fear will very likely be the weapon of choice in the fight against the implementation of UBI.
The world would be wise to heed the wisdom of Thomas Jefferson when considering any argument advanced by the banking industry and their mouthpieces opposing the implementation of UBI. In a letter to John Taylor written in 1816 Jefferson wrote, "I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."