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http://www.brotherjohnf.com/tinas-legacy-free-money-bread-circuses-collapse/ – TINA’s Legacy: Free Money, Bread and Circuses and Collapse. —
charleshughsmith.blogspot.com / CHARLES HUGH SMITH / SUNDAY, MAY 21, 2017
TINA’s legacy is revealed in this chart of the Venezuelan Bolivar, which has plummeted from 10 to the US dollar to 5,800 to the USD in a few years of rampant money-emission.
Every conventional “solution” to the systemic ills of our economy and society boils down to some version of free money: Universal Basic Income (UBI) schemes– free money for everyone, funded by borrowing from future taxpayers (robots, people, Martians, any fantasy will do); debt jubilees funded by central banks creating trillions out of thin air, a.k.a. free money, and so on.
Free money is compelling because, well, it’s free, and it solves all the problems created by burdensome debt and declining incomes for the bottom 95%. Just give every household $100,000 of free money that must be devoted to reducing interest, then give every household $20,000 annually for being among the living, and hey, a lot of problems go away.
But is creating money out of thin air really truly free? There are two appealing answers: yes and yes. If the Treasury literally prints money, it’s almost “free,” and if the Federal Reserve creates money and buys bonds paying near-zero yields, the money that is borrowed into existence is almost free because the interest due is so minimal.
The post TINA’s Legacy: Free Money, Bread and Circuses and Collapse appeared first on Silver For The People.
–(Published @ May 22, 2017 at 09:10AM by www.bitcoins.am™ Instant Real-time Bitcoin News Aggregation Source- From: ) #bitcoinnews
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