Spain Announces Guaranteed Free Money: What’s Really Going On?

Universal Basic Income

Please note Spanish Government Aims to Roll Out Basic Income

The Spanish government is working to roll out a universal basic income as soon as possible, as part of a battery of actions aimed at countering the impact of the coronavirus pandemic, according to Economy Minister Nadia Calvino.

Social Security Minister Jose Luis Escriva is coordinating the project and plans to put some sort of basic income “in place as soon as possible,” with the main focus on assisting families, Calvino, who also serves as deputy prime minister, said in an interview Sunday night with Spanish broadcaster La Sexta.

But the government’s broader ambition is that basic income becomes an instrument “that stays forever, that becomes a structural instrument, a permanent instrument,” she said.

Honest Thieves

At least the Spanish government is honest about its redistribution thievery.

They do not all pretend that it’s temporary.

Honest Theft*****™*** is the best one can hope for these days.

Guaranteed Free Money™

Rather than labeling this Universal Basic Income (UBI), I propose Guaranteed Free Money™ (GFM)

The money is not really free, however. Government will tax the hell out of everyone then return a portion to everyone.

Of course, some people will put in way more than they get back.

So this is really a redistribution scheme that robs the middle class and upper classes then redistributes the money to everyone to make it appear like a “universal” benefit.

Then again, the MMT crowd will propose this really is “free money“, that taxes don’t have to be collected, and we can all live in a fairy tale economy of Guaranteed Free Stuff™ (GFS).

Guaranteed Free Stuff™

  1. Guaranteed Free Money
  2. Guaranteed Free Healthcare
  3. Guaranteed Free Education
  4. Guaranteed Jobs
  5. Guaranteed Standard of Living

In case you are wondering “What can possibly go wrong?” please look at Venezuela, Cuba, or Zimbabwe for some extremely likely answers.

Meanwhile, I have a suggestion: Buy Gold.

For discussion where and how, please see No WSJ, Gold is Not the New Unobtanium: Where to Buy?

Also see Gold’s New Breakout is Very Bullish: Here’s Why

Mike “Mish” Shedlock

Subscribe to MishTalk Email Alerts.

Subscribers get an email alert of each post as they happen. Read the ones you like and you can unsubscribe at any time.

This post originated on MishTalk.Com

Thanks for Tuning In!

Mish

Subscribe
Notify of
guest

67 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
TheWindowCleaner
TheWindowCleaner
4 years ago

Here’s the way of the future for all of you guys who are so terminally orthodox. A modern debt jubilee follwed by a universal dividend of $1000/mo. and finally and paradigm changingly a 50% discount at the point of retail sale every penny of which is rebated back to the merchant giving it to consumers by the monetary authority. Voila’ end of scarcity of individual demand, of busness revenue and not only the end of inflation, but the libertarian wet dream of beneficial price and asset DEflation…all in one fell swoop. Of course, because the world is not an entirely rational or ethical place, like every system it will require regulation like if you inflate despite all of the cost savings the above policies will bring you (greatly reduced personal and corporate taxes, elimination of all transfer taxes for welfare, unemployment insurance and social security as well as doubling the actual amount of potential business revenue for every businesse’s products and services) you will get taxed 100% of any revenue your inflated prices may have brought you. If you are such an anti-social friggin’ idiot that you keep on inflating then you will lose your rebate privileges which means you have to get 100% of your price while your competition only needs to get 50%. How would that work out for you?

The discovery of the potential efficacy of a discount/rebate policy at the point of retail sale is the telescope, agriculture and animal husbandry of economics. In other words its the new tool and/or insight that accomplishes a new paradigm.

Okay boys, now that I’ve stimulated all of your orthodoxies and pre-conceived notions you can have at me. I can already hear the minds clanking shut.

Anda
Anda
4 years ago

That must have been businesses clanking shut. If only you could regulate it all even more you might actually end up owning price discovery, and only then it would tell you how much your new money is actually worth.

Aingles
Aingles
4 years ago

Hello, I’m Spaniard and your article is BS. Our Government said nothing of what you have stated above. In fact, you have absolutely no clue about Europe, socialism or Spain.

We are very proud of our free health care and education. We will defend it until the end. Just like France, Portugal, Italy, UK, Ireland, Norway, Sweden, Findland, Poland, Austria, Belgium, Greece and so on. They all have free health care and education.

In fact, the ones that love to follow the American style is countries like Congo or Bangladesh. They copied and paste your style.

Do you even know where Spain is? We are in Europe.

SmokeyIX
SmokeyIX
4 years ago
Reply to  Aingles

I LOVED having universal healthcare when I lived in South Korea! While it wasn’t free, it was very affordable and I could go to any doctor I wanted and it was covered. I paid a little over $300 for an emergency appendectomy and three nights in the hospital while my aunt was billed over $500,000 for a lower abdominal surgery at Tennova in Knoxville, Tennessee, USA.

I moved back to the USA in October and I’ve screwed up by being in the USA during the Covid-19 crisis.

I don’t understand why Americans want to pay so much in taxes, then pay HUGE insurance premiums, HUGE deductibles, and HUGE costs even if the private insurance company doesn’t deny the claim. It’s nuts. It’s one of the big reasons the median net worth of Americans has fallen behind so many other countries.

Anda
Anda
4 years ago
Reply to  Aingles

Pues a mi parece que si

Anda
Anda
4 years ago
Reply to  Anda

“Calviño ha insistido en que el “Gobierno ha “reforzado mucho la capacidad en el ámbito de las políticas sociales para que, hasta que se ponga en marcha el ingreso mínimo vital, haya una multitud de instrumentos que apoyen a la población”, poniendo especial énfasis en “los más vulnerables” ”

Saying they have implemented a range of benefits that are available UNTIL they put into action the ‘vital minimum income’ or ‘renta basica’ basic income as the journalist calls it.

I suppose it could be argued that it will be an income support threshold, but if they are removing a myriad of other benefits then it seems more likely universal basic income for any who claim it. The details are not released so no way to say in advance.

Schaap60
Schaap60
4 years ago
Reply to  Aingles

I think your beef is with the linked Bloomberg article.

Anda
Anda
4 years ago
Reply to  Aingles

Your vice-president says similar

El vicepresidente segundo del Gobierno y líder de Podemos, Pablo Iglesias, ha confirmado en una entrevista concedida a eldiario.es que pronto habrá en España un “ingreso mínimo vital” a modo de renta básica universal, una promesa electoral de su partido y que el PSOE veía con muchas pegas.

According to

FromBrussels
FromBrussels
4 years ago
Reply to  Anda

… Y Alemania, Holanda, Austria y otros paises con superavit van a pagar ….sta chupao, piece of cake !

Anda
Anda
4 years ago
Reply to  Aingles

BTW , it is never free – it is always paid for. At best it resembles an obligatory insurance scheme, the management of which is in the hands of government.

However, you or government don’t clarify the framework. Should everyone pay the same? Of course not, payment will come from those who are productive, your greedy capitalists. How are management decisions made ? Enchufismo no ? To top it all off it will all get mixed together into the public and private financial political bin.

You don’t know enough about any of the countries you talk of, or is it really about a state managed EUropean identity , because you are picking a very strange denominator of national socialism. I don’t even know how you can defend Spain when it is sold to and owned by Brussels and Frankfurt , I guess you will just have to use Gibraltar to help define your independence in future, close the border or something to show Spain still exists.

Anyway, at least the tourists will go home now, that will make more available for everyone 😉 .

Anda
Anda
4 years ago
Reply to  Anda

He has a nice villa now though 😉

They love socialism also 😉

Go read some Rex Curry or something 🙁

FromBrussels
FromBrussels
4 years ago
Reply to  Aingles

…es raro que no mentionas Alemania, ni Holanda…..Dolido un poquito quizas que no estan muy dispuestos a sacar los billetes para pagar vuestro deficit del ‘bien estar’ ?

tonicandgin
tonicandgin
4 years ago

It won’t be temporary here either, Mish. MMT is coming and along with it UPI and single payer healthcare. Inflation by any means. It’s the only move that allows them to avoid immediate checkmate.

WildBull
WildBull
4 years ago

Der Weg zur Hölle ist mit guten Absichten gepflastert

obstruksion
obstruksion
4 years ago

Don’t forget Guaranteed Free Food. This will be popular in the coming months.

Tony Bennett
Tony Bennett
4 years ago

“Then again, the MMT crowd will propose this really is “free money”, that taxes don’t have to be collected, and we can all live in a fairy tale economy of Guaranteed Free Stuff™ (GFS).”

Pure nonsense from ivory tower types.

You won’t even have to open the window to hear “Take this job and shove it!” cry of millions of minimum wage types when they receive their loot. Many businesses will lose a wide swath of their work force and close. Economy grinds to a halt … along with tax revenues. Free money folks will be dismayed when they go to McDonalds … and find it closed.

killben
killben
4 years ago

We have all been taught wrong. Money does grow on trees. Whenever needed and in abundance if so required. Ask the politicians and central bankers, the crackpots leading the show.

Max
Max
4 years ago

The road to hell is paved with good intentions. I have experienced the hell of socialism in India and other developing countries. The Pleasantvilles (Scandanavian countries) will end soon

Christian dk
Christian dk
4 years ago
Reply to  Max

Scandinavia are very different countries,
Norway is the richest with its oil stash fund of 2 trillion us$, out side of the sinking euro.
Denmark, NOT in the euro had a surplus last year, 3 % unemployment and exports food , medicins and high tech due to high wages, strong banks and 90 % wage help for wailing/closed shops ect.
Sweden is trying an open approach with cafes still open, but are now having much higher death rates, but NOW the count them low by averaging the 120 + down to only..an average og 20-30 over the entire period..
The USA…bls..(NO inflation ).bullshit can certainly learn something there…

RonJ
RonJ
4 years ago

But the government’s broader ambition is that basic income becomes an instrument “that stays forever, that becomes a structural instrument, a permanent instrument,” she said.

There is no forever in a world of cycles.

Glass-Steagall was installed so that 1929-32 couldn’t happen again.
It was dismantled when it got in the way.

Stock buybacks used to be illegal, then were made legal again.

The Year of Jubilee was a reset. Kondratieff Winter is a reset. The Fourth Turning is a reset. There is no avoiding a reset. A cycle always comes back to ZERO degrees.

A basic income plan will never be permanent.

Herkie
Herkie
4 years ago

This will be interesting actually. As a EZ member they can’t really do this without ECB going along with it, but that is opening a huge barn door for disaster for the Euro.

Christian dk
Christian dk
4 years ago
Reply to  Herkie

YES…a reset means ALL paper currencies…
A 1oz silver dollar will be a days wages.
A fiat paper us 1 dollar bill will burn well with..the barn.

MericanPatriot
MericanPatriot
4 years ago

Universal Healthcare frees people to switch jobs, take charge and channel their entrepreneurial spirit. Universal College provides the opportunity for everyone to have an education so they can be a productive member of society. Both of those are staples in developed countries and work pretty well.

Universal Healthcare achieves economies of scale, huge savings and better outcomes.

Universal College allows for competitive entry into the best schools without burdening students with debt. Which, like above, also allows better job independence and the ability to take risks.

Gates and Zuch, while bright and talented people, leveraged ability to take risks (due to the large family safety net) to get where they are now. Imagine the economic benefits in allowing that for everyone.

If you don’t know how we are going to pay for it, you’re not paying attention.

WildBull
WildBull
4 years ago
Reply to  MericanPatriot

@MericanPatriot It also enables people to sit on their asses as they collect other forms of handouts. There are many that will do the absolute minimum to squeak by. That disease is contagious, also.

MericanPatriot
MericanPatriot
4 years ago
Reply to  WildBull

Your assertions aren’t backed by facts. Universal College means that one doesn’t HAVE to go to college, but they have the option to do so for free based on a competitive process. There is dead wood everywhere. That’s not related to providing folks the opportunity to be productive members of society regardless of socioeconomic status. In the long term, it pays off.

Let’s play out this scenario: If they can’t get a job, they’ll get public benefits (either corporate resource subsidies like WIC or full unemployment), if you cut those, they’ll commit crimes and end up in jail. ALL of those are more expensive than giving them a fair chance at bettering themselves and contributing to the economy.

Murica1st
Murica1st
4 years ago
Reply to  MericanPatriot

Maybe it was unintentional, but in two posts you related “productive member of society” with having a college degree. I couldn’t disagree more for a myriad of reasons. It’s massively elitist and there are way too many degrees out there that are totally useless while the people that actually make this country run can do just fine without a degree. So much for socialism and the “working people.”

Second, your ideas boil down to theft. In essence you’re taking tax money from one young person who decides to work instead of going to college and using that to pay for the kid who does go to college. (Unless you’re an MMT guy and think that money can just appear from nowhere)

MericanPatriot
MericanPatriot
4 years ago
Reply to  Murica1st

Everyone can be a productive member of society – college or no college. Evidence suggests that college degrees lead to better paying jobs higher productivity and more tax revenue. Higher taxable revenues eliminate the need for higher percentage taxation in the future (or maybe lower tax rates).

To be sure, there are plenty of folks who are tremendously successful in all fields without going to college. Also, by ‘college’ I would include robust technical schools and apprenticeships programs. in the past companies used to provide much more in house paid apprenticeships/training. That’s long gone on the altar of quarterly results.

Taxes are theft is silly argument. I haven’t needed the fire department, yet I pay taxes for it. Same goes for other tax funded services. Why is Universal College a service? Because it lifts revenues, lowers tax rates and positions the US as a stronger player in the international market.

michiganmoon
michiganmoon
4 years ago
Reply to  MericanPatriot

Free College in other countries isn’t quite what you are advertising it as.

In Germany LESS people get college degrees despite the free price tag. Why? Because they can’t afford to send everyone to college so they track kids at a young age and MOST kids don’t get the option of free college due to poor test scores. Guess what? Certain minority demographics perform poorly on the test and then get disproportionately left out of free college. Germany also had less freedom of choice for majors. They won’t use tax dollars to let people get whatever silly degree they want.

Sweden has free college. Their students graduate with nearly as much debt as ours do. It doesn’t count room and board in the expensive college towns.

MericanPatriot
MericanPatriot
4 years ago
Reply to  michiganmoon

If true, that’s not a problem. College degrees are given to those who are best suited for it via competition. Everyone who wants to go to college is able to do so. Germany also has a strong apprenticeship culture which feeds their industrial base, no college degree necessary or desired.

US college towns are expensive as well.

RonJ
RonJ
4 years ago
Reply to  MericanPatriot

As Mish said, back in the day, one could afford to go to college by delivering pizza. The government meddled, creating government backed student loans and the cost of college skyrocketed, as nothing happens in a vacuum. Same thing with the cost of medical care. Government meddling, followed by skyrocketing cost.The government’s Ownership Society program, followed by skyrocketing house prices.

The market is extremely distorted- by the government. Shutting down the economy, with trillions in FED balance sheet expansion and trillions in government spending is another extreme distortion. The government is causing the biggest crash in GDP in history, followed by whatever comes after.

The government is really good at making a mess out of things.
We shouldn’t be encouraging more of it.

Schaap60
Schaap60
4 years ago
Reply to  RonJ

“As Mish said, back in the day, one could afford to go to college by delivering pizza. The government meddled, creating government backed student loans and the cost of college skyrocketed, as nothing happens in a vacuum.”

It’s important to remember that college was affordable decades ago because it was heavily subsidized by state governments. Those subsidies have been significantly reduced over the years. There is certainly much more waste in the system today with the availability of student loans and top-heavy college administrations, but it was precisely because of direct state intervention lowering tuition that college was affordable back in the day.

I point this out because people that went to college back in the day, and I’m one of them, often forget this fact when deriding free college for all. The goal should be affordable college for those who choose to go.

MericanPatriot
MericanPatriot
4 years ago
Reply to  Schaap60

Fully agree. I could no longer afford to go to college now. The job I had in college still pays the same wage while tuition tripled.

tonicandgin
tonicandgin
4 years ago
Reply to  MericanPatriot

I don’t think I’ve ever seen someone who loves to type as much as you do. Do you go back and read these comments you write after smoking a little weed? If not, you should.

MericanPatriot
MericanPatriot
4 years ago
Reply to  RonJ

Government is for the people by the people. The people made a mess out of it by enabling politicians to do it. Educated people would be a good step towards a more efficient (by those educated being in government jobs) and accountable government (by those outside in the government having the critical thinking skills to keep them accountable).

There are some folks without a formal education who have been successful. But each one of those has a set of highly educated and skilled folks working for them (attorneys, computer scientists, accountants, strategists, communications, etc.) Being educated (college or trades) is valuable.

Greggg
Greggg
4 years ago
Reply to  MericanPatriot

We have to depend on the gubberment to set that up, right? That would be the same gubberment that set up the bonanza for big pharma, right? Same people that brought use Vietnam, zillions of military “actions” and the answer to big 911 question. Yes people, Building 7 fell down all by itself… trust us for the truth.

stillCJ
stillCJ
4 years ago
Reply to  MericanPatriot

Right on, Patriot! The pool service & lawn maintenance guys need lots of college degrees. Carpenters, plumbers, welders – they all need college degrees too! Bartender: set ’em up – college degrees for everybody! Social Justice requires it.

MATHGAME
MATHGAME
4 years ago
Reply to  stillCJ

It’s not a question of needing a college degree … only of having the aptitude and attitude to work hard toward getting one because you want one in support of the kind of job you want to aspire to.

Why is public school K-12 free for all? I’d propose that one (if not the primary) reason is that it was generally agreed that a citizenship, educated to a certain basic level, was a desirable thing for the society to invest in collectively.

While I certainly agree that many respectable and lucrative trades might not need the kind of education most colleges would provide (trade schools and other education replaces college) I would think that most people would agree that many professions these days do require a college undergraduate degree or more advanced degrees. I think anyone who thinks about it for a second realizes that entire classes of jobs have disappeared (manufacturing) and more will disappear (think truck drivers) as the US economy has evolved.

It’s simply up to the society as a whole to decide whether that change in the employment landscape is worth revisiting the same sort of thinking that went into making public schooling K-12 free for all.

MericanPatriot
MericanPatriot
4 years ago
Reply to  stillCJ

Not what I said. It’s an option for those who want and are able academically. Find a different strawman or work on reading comprehension.

Anda
Anda
4 years ago
Reply to  MericanPatriot

“Gates and Zuch, while bright and talented people, leveraged ability to take risks (due to the large family safety net) to get where they are now. Imagine the economic benefits in allowing that for everyone.”

Leverage implies others on the other side of the scale bearing the brunt, therefore everyone leveraging their position does not work in practice, or if it does it implies using the little leverage allocated to each to small effect and keeping it that way. That reduces incentive because larger scale efficiency then cannot be except by contribution. Voluntary submission to a scale concept where the cost is initially carried by the contributors is sort of the reverse of the free handouts your system is based on, in that people are rewarded there by support before they produce. So maybe all you are creating is a class who expect that reality to continue when they graduate.

The above is a question of moral or attitude, something formal education doesn’t nescessarily contribute to, which is one reason saddling youngsters with the cost in debt is used maybe, crooked as it is. Community used to be the moral bedrock of society, surprisingly those societies that are simpler and have more hardship are often those with the most integrity, maybe because they are counting every bean and watching for each other. In other words if you don’t know who you are working for and towards what real end there is much more room for wider error.

Stuki
Stuki
4 years ago

IF you are going to engage in any, whatsoever, form of redistribution, the more universal and purely mechanical, the better. Compared to the redistribution done by The Fed, by zoning/land use laws, by arbitrary lawsuits, by Ricky Retardo “IP” Hail Marys, by “promises” and all the rest of the progressive absolute idiocies which the drones are indoctrinated to believe serve some some sort of useful purpose these days, this particular means of redistribution, is downright Libertarian and enlightened. As well as comparatively economically efficient.

The only additional requirement being, that all income such obtained can not be garnished by any process. Not fines, not fees, not debt payments, not back taxes, not payment for incarceration nor hospitalization, not unpaid rents, not “child support” nor alimony, not unpaid utilities etc.. eyc. Unless you ensure that, all you are doing is just redistributing the money right back to the same leeches which are currently getting everyone’s incomes redistributed in their direction. Negating the whole “safety net” purpose of the scheme.

Problem is, it still needs to be paid for. Which means, it’s not even remotely sustainable, unless it is formulated as a share of state income. If you do that, say, mechanically redistribute 30% of last years government receipts equally to all people, or all adults, or all adult males or what have you, you have the best of all possible setups for a government provided “safety net” you can possibly get.

Now, assuming you do manage to keep to those strictures (fat chance in the DumbAge…), you can then get rid of all the rest. People have their fundamental needs taken care of, so stop screwing around with all manners of other economically destructive idiocies. From FDIC to pension bailouts to minimum wages to propping up the so called “savings” which the idiot army have been told their depreciating shacks magically are some component of. If the Citizen Salary/UBI/what-have-you provided is good enough for Joe Homeless, it’s good enough Jill Public Union Retiree, Jimmy landlord and John Q Once-Was-Privileged-Leech as well.

Anda
Anda
4 years ago
Reply to  Stuki

You create an account for people that cannot be taxed, and they will tax everything else because “at least you have a basic income”. You cannot separate that account from the “normal money”, because they won’t tax your purchase of bread, instead they will tax the sowing of wheat. The point is that fiat is tax based, because legal tender is the payment of debt in that money, and government creates (forces) the debt in the form of taxation. By accepting UBI you are accepting that use of force, because it is “moderate and fair”, in the form of taxation of whatever kind outside of UBI.

Clearly a flat tax and simple equal redistribution is going to be more transparent, personally I don’t think I would want money that was taken off another by a third party and given to me. Someone goes offering you free fruit he has picked from your neighbours trees and you are going to be a bit suspicious no ? Your neighbour won’t be friends with you either anymore if you accept it.

DBG8489
DBG8489
4 years ago
Reply to  Stuki

If you give everyone everywhere a “basic living expenses” payment, the prices of everything will simply go up to offset the new reality.

This isn’t exactly rocket science. Dumping more money into an economic system doesn’t make people in that system more wealthy.

Stuki
Stuki
4 years ago
Reply to  DBG8489

“If you give everyone everywhere a “basic living expenses” payment, the prices of everything will simply go up to offset the new reality.”

If that was the case, the price of food would have gone up in lockstep with people in The West near universally getting wealthy enough to be able to afford it instead ofstarving. Ditto cellphones.

As long as society is free, hence production competitive, the cost of stuff follows ever improving efficiency of production. Meaning down. Free competition leaves no room for prices above cost of production, no matter how wealthy buyers happen to be.

The only way to sustain above-cost-of-production prices, is by using a totalitarian Junta to artificially constrain supply. By, most commonly and destructively, way of abject, dumber-than-the-dumbest-virus-particle bans and restrictions on building more housing and commercial space. Do that and, yes, you do run into childish, moronic pathologies like more nominal money simply resulting in higher prices. Which just tells you that facilitating useless, unproductive idiots in stealing resources from productive people, results in less efficient allocation of resources. Duh!

Given even a modicum of freedom, more wealth just means more ability to buy more stuff. Hence more stuff being produced. Hence more wealth. Hence greater distance between everyday median consumption and base survival. Hence more resilience against stuff like temporary hiccups like plagues, than in totalitarian dumps where the average resident can barely afford rent for some shack, simply to facilitate a leeching class of retarded, subhuman garbage living large off of the efforts of their in-all-ways-but-connectedness-to-the-junta betters.

abend237-04
abend237-04
4 years ago

I remember from Gibbon’s The Decline and Fall of the Roman Empire: Before the fall, he had 25% of Rome’s population going daily to the markets to pick up “free bread,” being made by African slaves.
To me, the slaves here look suspiciously Germanic. ECU collapse, anyone?

Phantastic
Phantastic
4 years ago

I love watching the incoherence from the libertarian quarters. You don’t know what you want and you don’t have any solutions. It’s a juvenile political theory with no tools for dealing with the real world.

JonSellers
JonSellers
4 years ago

A guaranteed basic income is better than mass starvation when people don’t have a way of making a living. But don’t make it permanent. We see what happens to societies when money is free: you get a permanent underclass from welfare payments, and a permanent overclass from Fed bailouts. Both equally as useless.

Thomassam
Thomassam
4 years ago
Reply to  JonSellers

Why should I work so hard. Honestly at this point I would support this as long as we can give the death penalty to any billionaires like Bill Gates, Mark Zuckerberg, George Soros, all of Hollywood, Warren Buffet and the other 100,00s of billlionaires/millionaire limousine liberals for not declaring every asset and being taxed off all their wealth

Bam_Man
Bam_Man
4 years ago
Reply to  JonSellers

Sure. It won’t be permanent.

Just like zero percent interest rates and a multi-trillion $ Fed balance sheet were “temporary”.

There is no getting out of the corner they have painted us all into. This is the END of the Post-Bretton Woods global monetary system. Maybe it will take a while for most to recognize that fact.

caradoc-again
caradoc-again
4 years ago
Reply to  Bam_Man

It cannot be withdrawn once embedded as no Government could ever stand on the ticket of “Vote for us and we’ll end hand-outs”.

If anything it’s like negative (Hotel California) interest rates.

People need jobs.

DBG8489
DBG8489
4 years ago
Reply to  JonSellers

First they will say that “free” money is better than letting people starve. This will be followed by the tried and true “if you don’t give them money, they will riot and steal.”

The first plays your heart strings and the second invokes your fear.

This is the true face of the organized crime enterprise that passes for “government” these days.

“Nice house/car/job/life /family you have there… It would be a shame if something were to happen to it…”

AbeFroman
AbeFroman
4 years ago

How about Guaranteed Inflation Credits?

Ted R
Ted R
4 years ago

As we all know nothing in life is free or guaranteed. There are several ways to deal with an economic collapse, overvalued stock markets, and deflation and so far no government that I am aware of has found that solution, including the United States.

Bam_Man
Bam_Man
4 years ago

Germany may have to go back to the Deutschmark and let the ECB print like The Reserve Bank of Zimbabwe for all the remainers.

hmk
hmk
4 years ago

Even those with income are becoming restless. Today the gov of MI decided to extend the lockdown until 5/1 from 4/15 with a warning that it may last 70 days. This is bullshit. I hope there are organized protests if she decides to go longer. WTF will happen when it reemerges once or twice more. I am beginning to think something else is up here if the govt keeps extending this out. At some point, 5/1 at the very latest allowing people to go out with appropriate PPE and work with social distancing should be enough.

Thomassam
Thomassam
4 years ago
Reply to  hmk

The goal governments have is to see how far they can push people. Now all the protests around the world have ended conveniently using viral infections as an excuse.

WildBull
WildBull
4 years ago
Reply to  hmk

Welcome to “the new normal!!!” In the next week or so, we will DECLARE WAR on C19, just like we declared war after 9/11 and Pearl Harbor. I’ve been hearing “long haul” a lot, too. Don’t believe much on TV or from gov’t talking heads. Just a bunch of bullshit. The state of emergency will be here for the foreseeable future. I’m sure lots of pols and bureaucrats are reveling in it.

Greggg
Greggg
4 years ago
Reply to  hmk

Whitmer is one of those NWO kowtow-ers. She tried to get Grand Rapids Mayor George Heartwell (aka George Orwell), a Michael Bloomberg Coalition For Gun Control signer, as head of the DNR. He’s a minister at one of those fudge puncher churches & sh!t… yaknow. All those totalitarians stick together.

WildBull
WildBull
4 years ago

The natives are getting restless. No income, but still need food and shelter. Social unrest — coming to a neighborhood near you.

Anda
Anda
4 years ago
Reply to  WildBull

After GFC they introduced a standard unemployment benefit of around 400 euros per month (if I remember) that I think had few barriers to being claimed. They kept extending this program and I think it is still in place. In the south of Spain unemployment still remained very high even before the virus . With the lack of labour making it to agriculture which I posted in the previous article, the decree finally went the way of the above – anyone claiming benefits is allowed to work in farming without losing pre-existing benefits (including those for unemployment due to virus) . Also any migrant who goes to work in agriculture will also have expired work permits automatically renewed.

How they think they are going to pay for all of this is something else.

numike
numike
4 years ago
Reply to  WildBull

where is my 1200.00???

DBG8489
DBG8489
4 years ago
Reply to  numike
mattheny777
mattheny777
4 years ago
Reply to  WildBull

The privledged think their safe. They think the poor don’t have guns lol only other home owners. Love how everyone who’s comfortable is tweeting were all in this together while obeying being seperated and divided. Let’s see if they help others when families start coming into their neighborhoods asking for food and essentials. Not being able to get help is what will lead to violence

stillCJ
stillCJ
4 years ago

Finland already tried an experiment with Guaranteed Basic Income recently. They found out it does not work as intended and they quit it. BTW Mish, don’t forget Free College for Everybody (including non-citizens if the democrats have their way). That reminds me of a middle aged “pool guy” I know who claims to have 2 college degrees.

Mish
Mish
4 years ago
Reply to  stillCJ

Thanks – I do need to add: Guaranteed Free Education

Modrich
Modrich
4 years ago
Reply to  Mish

Socialism/Communism is also about taking away people`s rights and aspirations. Not dissimilar to what is being championed now. If you think cash is not going to get outlawed think again. What about Bill Gates and his health passport chip. Tracking people on their mobile phones and all going to be done for our own safety. What was that quote about deserving liberty.

Anda
Anda
4 years ago
Reply to  Mish

Without Guaranteed Free Education there cannot be Compulsory Education, and without Compulsory Education, they have one less reason to interfere in the family life of others.

Here is another article on undercounting in Spain, an estimate that virus fatalities might be double or even triple those reported

Quark711
Quark711
4 years ago
Reply to  stillCJ

Heck yeah! Gotta train those future leftists!

Stay Informed

Subscribe to MishTalk

You will receive all messages from this feed and they will be delivered by email.