Financing a Basic Income Without New Taxes or Redistribution
Bill Miller

I don’t see this (or anything like it) ever happening and I doubt any national government would allow it to happen.

You propose paying employees in CUBIs. Those people (i.e. us) have payments to make. We have car and home loans (and student loans!) and credit cards to be paid off. Total US consumer debt is $12.96 trillion as of September 2017 with $9 trillion of that being tied to housing (mortgages!) alone.

All of those credit agreements were for US dollars. Those banks aren’t going to start accepting free-floating CUBIs in place of dollars for consumer’s monthly home and auto payments. And VISA, MasterCard and Discover (or the banks that issue their cards) aren’t going to wipe away your dollar-debt for CUBIs. None of this is going to happen because national governments won’t allow those banks to accept CUBIs in lieu of their national currencies. Doing so would put the entire banking system at extreme risk. And who do we expect to bail out the banks if/when they fail?

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