UBI, or Universal Basic Income, is also generally linked to BIG – Basic Income Guarantee. Both terms are defining and describing the same thing – a monthly stipend paid by the government unilaterally across the board to all citizens. Most people and even influencers like Forbes.com acknowledge that the future of banking and financial services is digital, so rolling out monthly stipends is not impossible or even challenging.
The City of Stockton, CA recently released some data on its pilot program using Universal Basic Income on 500 randomly selected participants. There were improvements reported primarily related to health and stress levels.
We can debate the true intent or motivation for such a program, but its existence and format is not rocket science. Everyone gets a monthly check. Zerohedge.com recently publish an analysis of some of the challenges related to UBI and BIG and whether handing out money solves anything effectively.
Lots of questions surround such a program the least of which is certainly not inflation and hyperinflation. Where will all this new money come from? How much is money worth of it can be printed from nothing and handed out for free? Maybe it’s time to further consider Bitcoin and services such as Lolli to store and preserve personal wealth.
This idea of UBI is not crazy either. In fact, it’s already in motion in 2019 right in California in addition to various places in Europe.
Furthermore, even social media giants such as Facebook are now rolling out their own digital coin. Perhaps the Facebook Libra is the UI (User Interface) for Universal Basic Income and Basic Income Guarantee.
Warning: if you read and truly absorb how do banks create money, then you might be demanding more than just UBI.