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TheAlgorath, he clearly is brilliant. He came across as tentative, perhaps because he cared about persuading the younger, socialist interviewer that Socialism is a dead end proposition.
Exactly, it's just that the formality of our system has not adapted to the new medium. All of our rules are set from how yesterdays world understood the world of tomorrow.
Why is it that "entrepreneur/creators' of things always say that they are resentful of giving some of their wealth to those who did not directly create that thing? I, as a songwriter, may write, produce, market and distribute a song, but to gain from it financially, I still need all of you to purchase it in some form. I expect to be taxed to support the system that makes it possible for me to perhaps become wealthy. And this notion of a Socialism vs. Capitalism society is equally frustrating. Why not debate the right mix or balance of the two to create a truly humane society as we transition to this new state of scarcity and deflation?
The interviewer is asking questions where he already affirm and state his opinion. Therefore the other person doesn't give a genuine answer. Please, switch interviewer next time
a bailout is the equivalent of save scumming in video games. Death becomes something that isn't really possible in this scenario because you're always going to load the game at a point that lets you succeed. It does let you go on enjoying the game but it takes away the thing that gives everything value (that is, the possibility that you will fail)
The reason the system is so deflationary right now is because policy is so inflationary that it's feeding into advancements which allow for deflationary technology, who would have thought that the system naturally tries to balance itself
This is a wonky definition of deflation. Deflation has nothing to do with the price of goods. Price of goods can go down in an inflationary economy and often do. Deflation is when individual units of currency get you more of everything including gold, bread, and things that aren't getting cheaper due to technology. Deflation completely wrecks consumer economies and essentially brings things to a grinding halt as people hoard more and more. And deflation is almost impossible to get out of.
Deflation should have always been the expectation. Not because the economy should be expected to crash (right now sure, but normally no) but because efficiency continues to increase and labour becomes less necessary. If the value of currency were constant then everything would be deflating because the input costs are constantly going down. That would benefit the average person tremendously. This kid doing the interview isn't old enough to know anything about finances. Clearly doesn't understand the points being made, just wants free money via UBI. And there will never be a "post scarcity" economy. One of the stupidest things ever said. Natural resources are depleting and not being replenished, things are only getting more scarce over time. Technology making things "less scarce" is mischaracterization of how it works. That only applies to software, not the hardware it runs on, not the energy which powers it. The inputs for those things are scarce and become incrementally more scarce as we use the existing resources to produce said things. There will come a time when it becomes necessary to responsibly recycle technology (hardware) because we will not have the rare earths, silver, platinum family metal inputs etc to continue producing new.
Post scarcity will only be possible in the western world. In Africa, people are somehow not able to do even the little effort that is needed to get to an automated stage of society.
I agree with is guy, except on one point: post scarcity. I agree that technology can create abundance, but technology does not act alone. A political process could counteract the effect of technology and create scarcity.
Laurent Drozin ✌️ I can see your point, but I can also see his. I think what he is saying that abundance brought on by technology is a more powerful force than policy and that being the case everything will flow from that abundant force. Politicians will become redundant! Wouldn’t that be lovely!
The largest debt driven bubble is the population bubble. When debt collapses and a deflationary death-spiral ensues, population levels will deflate as economies grind to a halt. Sedentary agriculture and civilization will prove to have been mis-steps in cultural evolution.
The guy getting interviewed doesn't understand that, yes, technology creates abundance, but he does not address abundance of what. I'll tell you. It creates an abundance of time. What will the folks that now find them with this newly found abundance of time, going to do with it. They still need currency to pay for the things they need to survive. No jobs. No currency. No life. Quite simple really.
You just answered your own question. It's creates an abundance of time. People will pay for things with time. Where it needs to be put. With all the money printing we are also gonna have an abundance of currency. It makes it worth less. The old guy is right. When something is abundant it makes it practically free. Like look at the sun. We have a star that shoots free energy at us 24/7 if we captured all the energy we needed for living (house holds etc) the rest is for automation of transportation, manufacturing and resources extraction. Then why would we need money? Things are being manufactured automatically, food is being harvested automatically, transported to where it's required etc automatically. Why would people need money at that point. The only thing you need it for is to start it up at the beginning. To get to the point where all these things are automated. Then people just gotta deal with what they will do with their time they are given on earth. Maybe everyone strives to be a the renesance man/women. Self improvement for a sense of self.
This conversation is esoteric. The problem is that the underclass is restless. And the underclass has no class. So...better prepare to defend yourself from groups of angry mobs.
@@A.I.- This provides a stable way to transition away from fiat money and for poor people to save money, even those with very little money would be incentivised to try and get even a small amount into it.
@@mattfm101 The purpose/design/idea of a non-regulated currency is great. Unfortunately, human greed and corruption tainted and destroyed that idea as well. Bitcoin is currently priced at 1bitcoin = $6,385. How is that fair to the average Joe? It is traded to be pumped and dumped, transferring wealth from one to another without stability, without any physical value (example such as a farmer producing corn). It is highly volatile due to its structured designed that's been exploited. The only people who loves bitcoin are the people who don't understand it. Intelligent investors who truly understand it, are only in it for the ride until the party is over. How is that ethically and morally sound for a solution? I still believe in a digital currency with a proper structure. Unfortunately, every current digital currency out there doesn't have the proper structure and it is exploited heavily. If the Regulated stock market and housing market is corrupted and exploited, the digital currency (at the moment) is 10x ripe of corruption and exploitation. It is a walking timebomb, because there are no regulation to stop it from exploding, no regulation to stop it's highly volatile corruption/exploitation. Yes, you can make money from it, if you're one of the lucky ones.
@@mattfm101 You need to understand that; You cannot let loose the reins on society because you will get over-population. Despite over the years of controlled resources and wealth, the world is currently overpopulated. Even if they discover a fair monetary system for all, they simply cannot allow it because abundance will lead to over-consumption/over-population and faster destruction.
I don't think you could pay anyone enough to live in New York at the moment unless they had a severe death wish. What a house of cards capitalism has proved to be for those not at the top.
It has been suggested that Trump is incrementally attempting to eliminate the Federal Reserve bank. Bring back US treasury Notes instead of Fed Reserve Notes.
Zone Television Trump through Twitter has punk’d the Fed over and over....wouldn’t that be a dream to dissolve the Fed and go back to the gold standard.
Jeff Booth doesn’t say one way or another how the transition will happen (with some kind of UBI or without it.) I wonder if that was deliberate because he sees the transition itself actually being the UBI. Like self levelling cement, it levels out the highs and lows at the same time. I’m not so sure, I think the wealth gap is too great for this to happen naturally or as quickly as needed in order to stop people from falling through the cracks.
Why R they skating around the real problem? That the real way they make capital now is out of nothing! Until you stop that there's no way to have an economy for everyone, ( except the money changers) they should all be invited to a BBQ.
I think he is hinting at what the bible called a "Jubilee". A resetting and forgiveness of debt where we all start over. Not sure how that would play out.
How exactly does bitcoin stop revolutions? When people get poor, regardless of the medium of exchange, they will chop off heads. You can’t fix people who are not productive in an economy. You can satiate them or incentivize them.
