On: Moving Forward on Basic Income

[lmm]

You can still declare bankruptcy if that becomes onerous.

[JorgeGT → lmm]

I was not talking about a legal arrangement.

[lmm → JorgeGT]

The law binds lenders whether they like it or not. Do you think our enforcement of the law is or would be inadequate?

[JorgeGT → lmm]

Are you unaware of the existence of loan sharks?

[lmm → JorgeGT]

I'm aware of some who are currently in prison, and others who have left the business (which has got a lot more competitive as legal payday lenders have got a lot more efficient). Like burglary or any number of other crimes, we'll probably never be able to eliminate it entirely but it seems to be in massive decline and a pretty poor way to make a living - and one would expect it to be even less common in a world with basic income.