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Economy and currency: Money as a tool for the people, not the bankers' property
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Nomi Prins: The central banking heist has put the world at risk

Nomi Prins: The central banking heist has put the world at risk | Money News | Scoop.it

“The 2008 financial crisis was the consequence of a loosely regulated banking system in which power was concentrated in the hands of too limited a cast of speculators,” Nomi Prins tell me. “And after the crisis, the way the US government and the Federal Reserve dealt with this corrupt and criminal banking system was to give them a subsidy.” 

 

Such strong, withering analysis is, perhaps, unexpected from someone who has held senior roles at Wall Street finance houses such as Bear Stearns and Goldman Sachs. But Prins is no ordinary former banker.

 

The US author and journalist left the financial services industry in 2001. She did so, in her own words, “partly because life was too short”, and “partly out of disgust at how citizens everywhere had become collateral damage, and later hostages, to the banking system”. 

 

Since then, Prins has chronicled the closed and often confusing world of high finance through the 2008 crisis and beyond. Her writing combines deep insider knowledge with on-the-ground reporting with sharp, searing prose. Alongside countless articles for New York Times, Forbes and Fortune, she has produced six books – including Collusion: how central bankers rigged the world, which has just been published. 

 

Her main target in the new work is “quantitative easing” – described by Prins as “a conjuring trick” in which “a central bank manufactures electronic money, then injects it into private banks and financial markets”. Over the last decade, she tells me when we meet in London, “under the guise of QE, central bankers have massively overstepped their traditional mandates, directing the flow of epic sums of fabricated money, without any checks or balances, towards the private banking sector”. 

 

You can read the whole article here...

Sepp Hasslberger's insight:

Another former top banker speaks out on how the banks, not the ordinary people were bailed out when the economy went bad, resulting in a veritable casino of speculation and a concentration of wealth with the already wealthy bankers...

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Make Your Choice: Change By Pain Or Insight

Make Your Choice: Change By Pain Or Insight | Money News | Scoop.it

... one of my key predictions here at Peak Prosperity is that The next twenty years will be completely unlike the last twenty years. 

 

So am I saying that things really will be different this time? 

 

Yes, I am. But to understand why, you have to look closely at the unprecedented moment in history in which we live, as well as how the Three E’s – the Economy, Energy and Environment – all tie together now in a way they never have before. 

 

For those who prefer their conclusions right up front, the simplest summary I can provide is that everything we think we know about "how things work" is just plain wrong.

Sepp Hasslberger's insight:

An interesting discussion of economic expansion of production and consumption as mandated by our current economic system... continuous doubling or exponential growth is something that can't be sustained indefinitely. So what will it take for us to realize this and change. Will it be pain or will it be insight?

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Bolivia's President Declares Total Independence From Rothschild Banks

Bolivia's President Declares Total Independence From Rothschild Banks | Money News | Scoop.it

Last year President Morales kicked Rothschild banks out of Bolivia. Now, with "total independence" gained, the country is thriving. 

 

Morales said Bolivia’s past dependence on the Rothschild controlled agencies was so great that the International Monetary Fund had an office in Bolivian government headquarters and even participated in their meetings. 

The International Monetary Fund (IMF) and US-dominated World Bank have been major players in the global economic landscape ever since their creation in 1944. These international banking organizations, which are privately controlled by the notorious Rothschild banking family, first pressure nations to deregulate their financial sector, allowing private banks to loot their economies. 

 

Once the governments are forced to bail-out their deregulated financial sector, the IMF or World Bank sets up a loan package written in secret by central bankers and finance ministers that undermine their national sovereignty and force them to adopt policies of austerity that harm workers, families, and the environment...

Sepp Hasslberger's insight:

World Bank - one of the most destructive influences on many of the "poor" countries...

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Hawaii Becomes the First State to Pass a Bill in Support of Universal Basic Income

Hawaii Becomes the First State to Pass a Bill in Support of Universal Basic Income | Money News | Scoop.it

Hawaii state representative Chris Lee wrote a Reddit post about House Concurrent Resolution 89, a bill he says he introduced in order to “start a conversation about our future.” According to Lee, “After much work and with the help of a few key colleagues, it passed both houses of the State Legislature unanimously.” 

 

The bill has two major provisions. First, it declares that all families in Hawaii are entitled to basic financial security. “As far as I’m told, it’s the first time any state has made such a pronouncement,” wrote Lee. The second provision establishes a number of government offices “to analyze our state’s economy and find ways to ensure all families have basic financial security, including an evaluation of different forms of a full or partial universal basic income.”

Sepp Hasslberger's insight:

A universal basic income could relax things tremendously on the poverty front. Imagine no more homeless and no more people "to poor to eat", and all of them getting into doing what they are passionate about...

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Could our economy work without money?

Universal Economics (UnEc) is a non-money alternative economics system which combines the efficiency of a market economy with a strong philosophy of social responsibility. It was first visualized in 1947 by philosopher Addison Brown, in a rudimentary form, as "Prior Choice Economics." But the technology for implementation did not exist at that time. Now it does.

Sepp Hasslberger's insight:

Could our economy work without money? These guys have outlined in a video how they believe it might be possible

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The Universal basic share

The Universal basic share | Money News | Scoop.it

UBS is a commitment that is expressed, not as a sum, but as a share of gross domestic product

 

The operative word is “shares”: Even with indexation, the UBI is a fixed commitment. What happens as national income or profits continue to rise in an automated world? Is no share to be passed on to the population? Must we be reduced to annual debates about how to adjust the UBI? One can imagine that such debates would constitute a continuing sequence of nightmares. 

 

I’m going to propose a simple amendment of the UBI that holds out serious hope of dealing with all these issues and more. I’m going to call it the universal basic share, or UBS. It is a commitment that is expressed, not as a sum, but as a share. Specifically, I propose that we commit a fixed fraction of our GDP to the provision of a universal income for all.

Sepp Hasslberger's insight:

UBS or Universal Basic Share ... sounds like a good idea

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Universal basic income wouldn’t make people lazy – it would change the nature of work

Universal basic income wouldn’t make people lazy – it would change the nature of work | Money News | Scoop.it

Americans believe in the importance of a good day’s work. And so it’s understandable that the prospect of a universal basic income (UBI), in which the government would issue checks to cover the basic costs of living, rubs some people the wrong way. 

 

But even if some people did stop working, they might wind up contributing to society in other meaningful ways. People who perform the unpaid labor of taking care of children or elderly family members, for example, are certainly doing important work. UBI would simply provide a means of compensating this type of labor efficiently.

 

And historically, many of mankind’s most groundbreaking achievements have come from people with the luxury of plentiful leisure time. As economist Forget notes in an interview with Freakonomics: “If you look at the 18th and at the 19th century, some of the great scientific breakthroughs and some of the great cultural breakthroughs were made by people who did not work.”

Sepp Hasslberger's insight:

A universal basic income would certainly be a step in the right direction ... it would free immense creativity that today is absorbed in doing jobs that, when you really look at it, make little sense.

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Understanding Economics: 1 - Asking the (four) right questions

We survey a long list of economic problems, and identify four basic questions that a course in political economy must address:

1. Why is there poverty, amid progress?

2. Why are there Boom/Bust cycles?

3. Must society trade between efficiency and equity?

4. Must society trade between prosperity and environmental sustainability?

Sorry for the black pic. Apparently YouTube doesn't properly link with this medium.

Anyway, click on the title to get to the video!

Sepp Hasslberger's insight:

Sounds like there are some good questions to ask about economics!

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Ex-Google engineers have spent 2 years secretly trying to solve 'the hardest problem in banking'

Ex-Google engineers have spent 2 years secretly trying to solve 'the hardest problem in banking' | Money News | Scoop.it

A startup led by two former Google engineers on Wednesday unveiled a cloud-based "operating system" for banks meant to bring the infrastructure at the heart of finance into the 21st century. 

 

London-based Thought Machine has been working on its VaultOS platform behind closed doors for two years, with over 50 engineers dedicated to the project. 

 

The project is one of the first bottom-up attempts to built a modern computer system for banks, which can be used out of the box by any bank and then tailored as necessary. The platform draws on the latest technology such as cloud infrastructure and blockchain.

Sepp Hasslberger's insight:

Will banks make the jump from 1970's computer tech to the 21st century? Someone's working out a new operating system for them ...

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The Basic Income Will Make Sense When People Learn to Value Their Unpaid Work

The Basic Income Will Make Sense When People Learn to Value Their Unpaid Work | Money News | Scoop.it

A well-executed basic income policy fixes so many socio-economic issues - both present and looming - that it’s tempting to think not if, but when.

 

The main barrier may not be demonstrating effectiveness, or even affordability, but overcoming public perception. People are rightly wary of “something for nothing” offers, including the idea that people should be ‘paid’ without committing to ‘work’. 

 

Such perceptions matter, which is why ‘paid’ and ‘work’ are in inverted commas in the previous sentence. We assume that work comes first: once performed, it is valued and remunerated accordingly. In reality, however, money comes first: access to work is filtered through employers, who have the necessary money to invest in a workforce. This is why political rhetoric focuses so obsessively on businesses ‘creating’ jobs and people ‘looking for’ work. 

 

This need to ‘find work’, however, creates an artificial bottleneck that limits people’s productive capacity. Like a litter of piglets crawling over each other to get hold of a nipple, people are only enabled to contribute economically if they can find a point of access to the money system...

 

 
Sepp Hasslberger's insight:

Do we deserve a basic income? We do, considering how much work we do every day without being remunerated in a monetary way...

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Yanis Varoufakis: "And the Weak Suffer What They Must?" | Talks at Google

A titanic battle is being waged for Europe’s integrity and soul, with the forces of reason and humanism losing out to growing irrationality.

In this "Talks at Google" lecture, Yanis Varoufakis delivers a fresh look at the history of Europe’s crisis and America’s central role in it.

 

He presents the ultimate case against austerity, proposing concrete policies for Europe necessary to address its crisis and avert contagion to America, China, and the rest of the world. With passionate, informative, and at times humorous prose, he warns that the implosion of an admittedly crisis–ridden and deeply irrational European monetary union should, and can, be avoided at all cost.

Sepp Hasslberger's insight:

A very interesting talk of Yanis Varoufakis about the Greek and European crises and the effects

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Why Free Money Beats Bullshit Jobs

Why Free Money Beats Bullshit Jobs | Money News | Scoop.it

The universal basic income is an idea whose time has comeAnd, slowly but surely, it is converting members of the tech elite. 

 

It’s a radical idea: everyone should get an unconditional, monthly allowance, whether you’re rich or poor, old or young, overworked or out of work. An allowance that should be enough to live on, and how you spend it is up to you. The only condition, as such, it that you have a pulse. 

 

The influential startup fund Y Combinator is already rolling out a study on basic income. Netscape founder Marc Andreessen calls it “a very interesting idea.” And Business for Basic Income offers a brand-new web platform where business owners worldwide can express their support for the idea...

Sepp Hasslberger's insight:

Eliminate the bullshit jobs and we'll finally get some real, useful work done...

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New Zealand is Considering Giving Everyone a Universal Basic Income

New Zealand is Considering Giving Everyone a Universal Basic Income | Money News | Scoop.it

New Zealand's Labour Party has openly expressed interest in the concept of universal basic income for the country, and they may be doing away with benefits.

Sepp Hasslberger's insight:

One more country where a basic income is being taken into serious consideration...

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socioeco-fr's curator insight, March 16, 2016 4:39 AM

One more country where a basic income is being taken into serious consideration...

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Ex-Elite Dutch Finance Expert Speaks Out ... Full Eng Audio/Eng Subs

Ronald Bernard Ex-Elite Banker (finance expert) Speaks Out ... exposes the Financial Industry and the power of the Elites. This is the full interview with English audio and subtitles. 

Ronald Bernard gives an insight into the ugly world of international finance, the world that most of us have no idea exists. Through his work in the world of high finance, he came to know the satanic controllers of our society... 

 

When it was time to participate in satanic sacrifices, he got out of that world and he's telling now.

Sepp Hasslberger's insight:

Ronald Bernard gives an insight into the ugly world of international finance, the world that most of us have no idea exists. Through his work in the world of high finance, he came to know the satanic controllers of our society... 

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Globalists weaponize the stock market to control presidents - Anatomy of a fake reality

Globalists weaponize the stock market to control presidents - Anatomy of a fake reality | Money News | Scoop.it

The economy is on the rise. No, it’s sinking. There are very good indicators. No, all the signals are catastrophic. 

 

We’ve seen pundits on television hawking their version of the near future. Many of them represent organizations who have political and financial agendas. 

 

For example, Globalist forces and their mouthpieces would have you believe that laying tariffs on imports will sink the stock market. 

 

However, since the stock market is a rigged game for insiders, here is a proper translation of the above paragraph: “If tariffs are laid on, Globalist insiders will MAKE the stock market sink, and characterize that as a natural consequence of the new tariffs.” 

 

In turn, then, a diving stock market will be PROMOTED (by the Globalist press) as a sign that the overall economy is in big trouble. 

(Read the whole article here)

Sepp Hasslberger's insight:

The stock market is NOT an indicator of real economic activity. It has been a private financial casino almost since its inception. Ups and downs are manufactured to obtain certain results. Jon Rappoport explains...

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Avarice or Fear of Loss

Avarice or Fear of Loss | Money News | Scoop.it

The problem at hand is that money's current commonly assumed misrepresentation is being implemented as legally valid in spite of both rich and poor being equally unable to assess nor fathom its systemic effects.  

 

As a consequence,  ALL are compelled to obey the system dictates for fear of loss and/or future exclusion,  without ever fathoming the mathematically demonstrable irrationality of said misrepresentation and how the following corollaries due to the subsequent system instability persist no matter how "rich" or "poor" one is:  

 

  1. Stability of the value of any asset holdings is systematically precluded. 

  2. Asset value can only increase or decrease. 

  3. The probability of decreasing asset value is systematically made greater than that of increasing it NO MATTER HOW RICH YOU ARE.

Sepp Hasslberger's insight:

If the problem is, as some say, that "the love of money is the root of all evil", should we then forbid the love of money or should we arrange money in a different way? Marc Gauvin says we must understand and end the misrepresentation of money, our false conception of what money is, because THAT is the problem...

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We Need New Economics for a New Era of History | On the Commons

We Need New Economics for a New Era of History | On the Commons | Money News | Scoop.it
  • We are entering a new era in which the current way we run our economy won’t work.

  • In this new era, our economy must do two things it doesn’t do now: operate in harmony with nature and provide adequate income for all. 

  • The best way to achieve these goals—that is, the way that requires the least involvement of government—is to “propertize” some common wealth and share the income from that wealth equally. (I’ll explain what I mean by ‘propertize’ in a minute.)

Why is this important? It’s important because if we do what I’m proposing, we can have a market economy that does what a 21st century economy needs to do. We can have a market that works for all, including our shrinking middle class, nature, and future generations.

We can have the kind of locally rooted economies that many of you are working to build in the Berkshires and elsewhere—economies that will flourish once the global corporate economy is made to pay the costs of using common wealth—costs that it’s not paying today.

To get from here to there, the key is to think differently about the wealth we own together, and to organize that wealth in new ways...

Sepp Hasslberger's insight:

An excellent discussion of economic realities and how the commons could be used to balance economic behaviours in favour of both the environment and people, creating a counterbalance to corporate interests...

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Democracy's Debt Ladder | Michael Hudson

Democracy's Debt Ladder | Michael Hudson | Money News | Scoop.it

Michael Hudson on the failure of the debt ladder to re-start the global economy. Debt jubilee to come? 

 

The banks’ product is debt. They try to tell customers that “debts are good for you,” but the customers can’t afford any more debt, so there’s no way the banks can continue their current business plan. In fact, there’s no way that banks can be paid everything that they’re owed. That’s where the IMF doesn’t follow through its analysis, by saying, “Look, the banks are broke because the financial system is broke; and the financial system is broke because the whole idea of trying to get rich by running into debt doesn’t work.” 

 

It was a false model.

 

So really, we’re at the end of long cycle that began in 1945, loading the economy with debt. We’re not going to be able to get out of it until you write down the debts...

Sepp Hasslberger's insight:

Debt levels are unsustainable.

Economic recovery isn't happening.

Money is "too expensive", draining the economy of a substantial part of its production.

 

We seem to have some first voices appearing here that advocate cancellation of the burden which that debt puts on the whole economy... the idea is that of a debt jubilee - forgiveness of debts.

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Bank of England states central bank-issued digital currency will compete with commercial banks » Brave New Coin

Bank of England states central bank-issued digital currency will compete with commercial banks » Brave New Coin | Money News | Scoop.it

Bank of England (BoE) Chief Cashier and Director for Notes, Victoria Cleland, recently gave a speech highlighting the Bank's work on central bank-issued digital currency (CBDC).

 

Clelands keynote presentation was given at the second international workshop for P2P Financial Systems in London on Sept. 8 and 9.

 

The BoE co-sponsored the event with Bank of Canada, Deutsche Bundesbank, House of Finance, Federal Reserve Bank of St. Louis, and UCL Research Centre, bringing together scholars, regulators, and practitioners. 

 

“We are undertaking more fundamental long-term research on the wide range of questions posed by the potential of a central bank-issued digital currency [...] We need to understand the potential economic impact of extending access to central bank money.”

 

Sepp Hasslberger's insight:

Bank of England is thinking about electronic money put directly into circulation, bypassing the banks...

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A Deutsche Bank whistleblower just pulled a gutsy move to highlight what's wrong with Wall Street - Business Insider

A Deutsche Bank whistleblower just pulled a gutsy move to highlight what's wrong with Wall Street - Business Insider | Money News | Scoop.it

Eric Ben-Artzi is a brave man. 

 

The former Deutsche Bank risk officer was one of three whistleblowers who reported improper accounting at the German bank to regulators in 2010 and 2011. 

 

In 2015, the SEC imposed a $55 million fine against the bank over the issue. 

 

Ben-Artzi is due 15% of this sum, or $16.5 million. In an opinion piece in The Financial Times on Thursday, he revealed that he had rejected the payout.... 


Read more at http://www.businessinsider.sg/eric-ben-artzi-deutsche-bank-rejects-payouts-from-sec-2016-8/#h3hGcmXfHEbL2l2X.99

Sepp Hasslberger's insight:

Improper accounting practices. That seems to be a euphemism for what was once called fraud! 

 

Improper accounting practices are starting to catch up with the banks. Deutsche Bank got outed by a whistleblower who refuses to accept his part in the settlement...

The article leads to the story of why he refused and how he would like that things procede from here.

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Alan Watts on Socially Responsible Automation and an Unconditional Basic Income Guarantee

It's like he knew what the main problems of work-cultist capitalism and its socially irresponsible job automation were going to be before the whole mess even got started.

This video is a piece selected from watercourseway1's longer version called "Alan Watts - Money and Guilt"

Sepp Hasslberger's insight:

A very cogent argument by Alan Watts on why, when automation takes over much of production, we need to make sure that people will be able to buy what's produced...

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There is no cure for unemployment...

The RICH Economy
by Robert Anton Wilson 
from The Illuminati Papers 

 

I don't think there is, or ever again can be, a cure for unemployment. I propose that unemployment is not a disease, but the natural, healthy functioning of an advanced technological society. 

 

The inevitable direction of any technology, and of any rational species such as Homo sap., is toward what Buckminster Fuller calls ephemeralization, or doing-more-with-less.

 

For instance, a modern computer does more (handles more bits of information) with less hardware than the proto-computers of the late '40's and '50's. One worker with a modern teletype machine does more in an hour than a thousand medieval monks painstakingly copying scrolls for a century. Atomic fission does more with a cubic centimeter of matter than all the engineers of the 19th Century could do with a million tons, and fusion does even more. 

 

Unemployment is not a disease; so it has no "cure." 

 

Read more here: 

https://www.whywork.org/rethinking/whywork/rawilson.html

Sepp Hasslberger's insight:

Robert Anton Wilson puts into words what our politicians refuse to consider ... we have to re-think that economy of ours!

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Naomie Mullins's comment, June 22, 2016 9:12 AM
Illuminati papers...hmmm
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The Milton Friedman Doctrine Is Wrong. Here's How to Rethink the Corporation

The Milton Friedman Doctrine Is Wrong. Here's How to Rethink the Corporation | Money News | Scoop.it

We won’t fix the problem until we address the nature of the corporation.

 

Imagine what becomes possible when we start to understand that executives and managers are not strictly beholden to shareholders—who hold their shares for an average of four months—and share prices.

 

When executives and directors are free to consider a range of stakeholders—workers, suppliers, creditors, customers, shareholders, and the community in which they’re based—in managing a company, it inherently changes their time horizon from the next quarter to the next decade or quarter-century and beyond, because most of these stakeholders have deeper investments in the company...

Sepp Hasslberger's insight:

This is an important conversation to have. Most corporations follow a purely short-term financial path to increasing "shareholder value", but that is a highly destructive path.

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Iceland Plans To Create Its Own Money

Iceland Plans To Create Its Own Money | Money News | Scoop.it

Iceland was certainly up for jailing their bankers, will they now get away with creating their own money? 

 

Iceland’s government is considering a revolutionary monetary proposal – removing the power of commercial banks to create money and handing it to the central bank. 

 

The proposal, which would be a turnaround in the history of modern finance, was part of a report written by a lawmaker from the ruling centrist Progress Party, Frosti Sigurjonsson, entitled “A better monetary system for Iceland”. 

 

The report, commissioned by the premier, is aimed at putting an end to a monetary system in place through a slew of financial crises, including the latest one in 2008. 

 

“The findings will be an important contribution to the upcoming discussion, here and elsewhere, on money creation and monetary policy,” Prime Minister Sigmundur David Gunnlaugsson said. 

Sepp Hasslberger's insight:

Iceland is starting an important discussion... how should money be created?

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Scottish National Party Conference calls for universal income

Scottish National Party Conference calls for universal income | Money News | Scoop.it

The Scottish National Party (SNP), Scotland’s largest party and the UK’s third largest party, agreed to a motion supporting the introduction of a basic income in Scotland at its spring conference, held on 12-13 March 2016. 

 

The motion, which was submitted for agreement by the Cumbernauld SNP branch, explicitly opposes the UK government’s approach to social security and proposes an alternative formed around the introduction of a basic income.

 

The motion states that the “conference believes that a basic or universal income can potentially provide a foundation to eradicate poverty, make work pay and ensure all our citizens can live in dignity.”

 

Ronnie Cowan MP (SNP) argued that a basic income could “be the flagship policy for a socially just independent country.”

Sepp Hasslberger's insight:

Basic income in Scotland?

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