The data signals indicating that the US and global economies are entering recession are multiplying faster than rabbits on Viagra. Crashing retail sales, rising layoffs, falling consumer & business confidence, slowing service-sector activity, tightening bank lending, a 3-year low on the Baltic Dry Index, falling auto sales combined with spiking auto loan delinquencies, increasing credit card default rates -- these are just a small smattering of warning signs pulled from this week's headlines.
...the unrelenting year-after-year gains across nearly all asset prices that we've enjoyed over the past decade are done. Moreover, they're highly-likely to reverse into losses as the arriving global recession takes hold. Couple that loss of appreciation with the job losses that accompany recessions, and the outlook is bleak for those looking to protect and grow their financial wealth over the coming decade.
With more and more companies turning to automation and artificial intelligence, many of the soon-to-be lost jobs may be permanent losses. Will some form of Universal Basic Income (NOT from government entities) start to become more and more necessary?
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As in the rest of the world "The rich are getting richer, and the poor are getting poorer"
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I think we can't afford to scoff at government-paid UBI. You can't expect tens of millions of adults to survive on some shitcoins in the short term. The main thing is that the UBI actually be universal as in no conditions on reception except legal permanent residence or citizenship.
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I don’t like the increased control that governments would have. Most of us are wage-slaves already but at least we have some control over which corporate overlord the wage comes from. More centralization is just asking for trouble.
That said, I would not be at all surprised to see QE in the form of helicopter money once a big recession hits. They probably won’t call it UBI though.
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Crypto won't be ready for many years. Besides, someone needs to give value to the coins. They won't have any purchasing power without vast quantities of speculative money sloshing about in the space. In the long run, though I can imagine advanced 3D printing creating enough value from practically thin air to support the value of mainstream crypto for the purposes of decentralized UBI.
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Keep working, stop paying, and bring on the robots so we can work even less.
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Feels so awkward to see the writing on the wall this time around while strong economy continues to be touted! They will do as much as they can to “kick the can down the road” once again!
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