SM:  The perhaps only upside of the officially sanctioned theft racket having gone on for as long as it has redistributing wealth to the 1-10% best connected, is that there is an awful lot of wealth to be tossed into the blender by cutting the rackets off, cold turkey.

So, even though some may lose jobs selling Jimmy Choos to Wall Street wellfare queens, the cost of virtually everything will drop so fast that employment at even a fraction of their former nominal wage will be a net gain. Just imagine the “fire sale” of virtually everything, world wide, of a hard switch to a proper currency, with the ensuing order of magnitude+ increase in interest rates……. Lots and lots of choice pieces of wealth suddenly available for redistribution in reverse.

Like all rapid change, it would undoubtedly be a bit chaotic. But people are flexible, and adapt quickly. So the fear of some cataclysm occurring just because a few of Soros’ and Obama/Trump’s manservants have to be laid off on account of bossman’s theft racket being nipped in the bud, is waaaay overblown.

Like any slave could tell you, peace at all cost is vastly overrated. And conversely, the relative chaos of a revolt, vastly underrated.

Me:  Yes, imagine the stress and chaos of such a policy…..and its historically rhyming results….war.  On the other hand, if you implemented a universal dividend so there was more than adequate income for everyone and a retail discount of say 40-50% to consumers and that was rebated back to the merchants who gifted it to consumers…you’d accomplish the very same thing you want to happen…humanely and intelligently. Unconsciously advocating orthodoxies that only contain particles of truth….and untruth, whether liberal or conservative, never actually resolve problems. The third way of wisdom however always threads the needle completely and elegantly.

MS:  Yes let’s just send everyone free money – universally – in the whole world

That will do it

People will recycle free money with merchants and everyone will live happily ever after

No war, no famine, population will quadruple, and prices will go up

So we will keep increasing the free money dividend, up and up and up as prices go up and up and up

No job, no worries: stay and home and have more kids to get more universal free dividends

You call this wisdom

You are crazy

Me:  There are of course wise and balanced answers to everyone of your “rebuttals”. In the first case no one is suggesting just giving everyone a zillion dollars and leaving it to that. You apparently can’t hold two ideas in your head at the same time and remember that the balancing policy of a retail discount will eliminate any possibility of inflation and in fact create your never going to happen advocating orthodox economic theories “hobby horse” dream of price deflation. Also, with a sufficient dividend  you could eliminate payroll taxes for both individuals AND businesses thus helping to free both, both economically and financially. Birth rates in advanced economies have been shown to go down, and with the deep breath actual economic freedom brings the vast majority will be able to think even more rationally than they do now. And besides an intelligent dividend would be distributed only to those 18 and older not according to welfare which indeed does idiotically tempt and habituate such behavior. Remember, Wisdomics/Gracenomics/Social Credit is NOT socialism. As payroll taxes are eliminated you of course could lower the dividend somewhat to reflect the wisdom and economic value and virtues of prudence and frugality.  So much freedom within rational policy to be gained.   Or you could keep on advocating employment as the only solution even as AI etc. eliminates it at an increasing rate thus resulting in a socialist work state. When are you going to stop being an unconscious socialist Mish?