I have been an advocate for so-called helicopter money. This is a “right wing” Milton Friedman monetarist idea of some parallel to Jeremy Corbyn, UK Labour leader’s idea of people monetary easing. That is for central banks to take some of the huge stash of “printed” money and give it directly to people in need than just Wall Street and other big banks. As well, from reading my blog articles, one can see that this has been an idea I have supported for a long time.
Added to this I now support the new French Socialist Party leader’s idea of a guaranteed income, even if I do not support the overall Socialist Party, anti-business doctrine. It is now being tested in Finland but no surprise was rejected in Switzerland in a referendum where the proposer wanted to give Swiss citizens about 2,500 dollars per month. That is too much while Harmon the new French Socialist Party leader proposes around 800 dollars per month, a more realistic amount for the treasury and to maintain incentives to work.
Economic and consumer stagnation and pure fear about keeping ones job, paying college fees and ongoing related personal debt and high consumer debt makes it hard for most western countries to turn their economies around. The majority of individuals are just scraping by too much, as well as facing job loss in the once, high salary but shrinking manufacturing sector. Even in services such as banking, not only manufacturing jobs are being cut due to the greater use of technology which is vastly expanding.
That is there is a need for a major stimulus instead of trillions of doliars being parked at the central banks at the expense of the middle class and poor and even small businesses, the main job generator. There is no good reason that so much money is getting printed and either stored in central banks or sent off to non-productive and sometimes risky hedge fund investments that can blow up from big bubbles and cause economic depressions.
I now add the view as supported by Benoit Hamon, French presidential candidate of having a guaranteed national income. There is too much unemployment, underemployment and serious technology displacement to continue as is.
After all, a majority or a sizable portion of the poor and middle class are too economically, technically and technologically challenged for the new economy. So it will be very difficult in much of the West for decent growth, necessary for even political stability. The rise of populist parties and some of their unsavoury rhetoric at times demonstrates this. The focus should be on more widely sharing in the great technological leap than turn people into human rust.
As robots and artificial like intelligence becomes widespread, many individuals are finding they have less and less functional use in the labour market, overall or not needed at all, period. Anyway, individuals, as a percent of society be it pensioners, welfare and unemployed recipients and those who are on disability represent a huge portion of adult western society on government support and will remain so. Poor mental health, for example,has seen a staggering increase, partly due to the above intense pressures.
Thus, if you gave all adults dependent on government money as part of their existing monthly government receipts, a guaranteed income, it would not cost the state so much more. As well, at the very high income levels, you could claw it back in whole or part.
If the labour participation levels keep going down at the current rate, along with the demographics of an increasing bulging percentage of older and retired people, combined with technological displacement, something very bad will happen at the current status quo.
Whether it will be real wars generated from immoral elites siphoning off hatred away from them because of stagnating to collapsing economies, or ever growing numbers of the young unemployed becoming soldiers headed for death on the war front, it all has a bad ending. World War II following the Great Depression is a deadly reminder. But this time we have weapons of mass destruction by magnitudes of potentially killing the planet hundreds of times over.
If Harmon, despite being a socialist gets more traction with most of the French electorate who do not desire Francois Fillon’s Thatcher politics (nor current scandal, he is facing) he may grab enough votes to go to the final presidential round with either candidates Le Pen or Macron.
Besides, many Europeans remain worried about environmental issues as they should given the population densities and huge wastage of materials that thankfully see more and more levels of recycling and reuse. Dependence on fossil fuels needs to be weaned. Harmon promoting environmental protection is largely a plus in current day France.
There are different anti-establishment politics filling the void the elites and establishments have created due to their clumsiness and arrogance for what I call the “dictatorship of liberalism.”
From both the populist left and right lessons can be learned. One thing for sure, France may begin to see a volume of change at a level which Trump is trying to do in the US. That is irrespective of whether Trump or the next French president will be always right, surely the status quo in the West is finished.
The elite groups associated with Bilderberg, Davos, the Trilateral Commission along with the Council of Foreign Relations and NATO and most media are due for a major education. They will have to get use to their loud voices and their money becoming more secondary to populist forces. They will need to “shut up” more and listen more to humble regular people and look more carefully at common sense ideas outside of their pampered silos.
And most importantly, they will have to humble themselves by sitting down with leaders like Trump, Farage, Hamon and Sanders trying hard to represent this new populism. Even Wall Street elements are doing so in small part and certain leaders of the manufacturing sector. Essentially, Bilderberg is “dead” as a primary force of governing the world. It just has not worked well enough beit from Berlin, Brussels or Washington.