Right. And if they can print it from thin air and just give it to everyone, then it has no actual value. Price discovery will force significant inflation on every class of product and service because that is what people will be buying with it. Its effectiveness drops with scale, which is what they are not testing. It's great that UBI works in a lab, but this experiment has been run at multiple points in history and absolutely thrashed societies every time without significant external input (conquest, exploitation, etc.).
Money by definition derives its value from its scarcity relative to the economy it is representing. There is no free lunch here.
Yeah, as much as I hate the inefficiency of some wellfare programs in the USA - their inefficiency is a feature in that it provides a kind of scarcity.
Money by definition derives its value from its scarcity relative to the economy it is representing. There is no free lunch here.