going to do a very close examination into something called you be stacy universal basic income max that is free money every month a $1000.00 for you to rip up every month for your performance art for example joining us to discuss universal basic income we have sinclair skinner marshall our back and josh universal basic income has smashed onto the stage with and to yank whatever he was asked should we be in the middle east fighting for the oil universal basic income is the answer whatever the question was universal basic income was his answer this idea of giving free money it's kind of based off of the notion that well the fed gave free money to the banks to bail them out 14 trillion dollars why not give us a trillion dollars a year for your money just when you think of this war think you know if that's where it starts is is this sort of you know justice and thinking about money as this obstruct thing that central banks can print with there's no consequences for

debt and so why not why not distribute this way is where it comes down to also you know i pay taxes presumably to get something in exchange i get the infrastructure i get the place i get the sanitation i get the military and it's an abstract process and it goes through the matrix of politicians but why can't i just pay my taxes and get a dividend back i can make an investment in any other enterprise i get yang calls that are freedom dividend should be being paid dividends for mind vestment in america the enterprise again i think it comes back to this it's as much about justice as can all maps and so it's i think this is risen and you know regardless if the economy is growing and we know the share of the distributions just off so we need to figure out how to redistribute it better and to yang argues we need u.b.i. because of course he is from silicon valley and he sees em. i think to

a silicon valley once he sees that automation is going to displace all these jobs some numbers show up to $30000000.00 over the next 10 years are going to be lost to automation in america others like dean baker will say that in fact it's our trade deals where we're losing jobs which one of those do you think is true and is free money every month is a dividend the answer 1st of all it breaks the nexus that you establish between your taxes and getting something in return which of these are terrible idea i think it's socially corrosive it basically doesn't solve the underlying problem which dean baker describes in part it's a palliative to allow so they can go a 1000000000 is basically to carry on as things are going and you'd redistribute a little bit to the peasants to keep them happy and keep the rubles down it would be much more preferable to have a job guarantee program so that in exchange for getting a fixed wage and a series of benefits who actually put in some work which is socially useful and contributing to society and i think it's fundamentally more american most americans

would rather work for a payment or and go from the government just received something for free there's also some externalities associated here relatively new phenomenon in terms of data so up until very recently my data the location of where i am the interactions i have in a daily basis who i talk to and communicate with that was never monetized serve back to me in the from an industrial combine is to see in silicon valley so i have intrinsic data value that i should be monetized and should be returned to me because it's mine i own it it's part of my sovereign individual so there's it's have my data siphoned off for free and then sold back to me is not healthy the end of the day we live in a thing called a society and not everything is just a straight monetary transaction between one individual another there's got to be a broader nexus of things that keep us together and. takes you further along

towards this dystopian vision of h.g. wells where you have you know the the eloy living in the celestial heavens and then you've got the more logs living in the caves and then down in the darkness doing all the grubby work and then they disappear with the rest of the way to sustain the lifestyle for the rich and famous but here in america they constitution and the bell of rights and establish sovereign individuality and then we have the government working for us you know that's our innovation that was our disruptive technology back 200 years ago so keeping in that same i would continue want to believe that the government is a servant of the people but i don't see why you couldn't introduce a job guarantee which would have a much more positive productive social role than just simply distributing. local freedom dividend or how or and yang wants to market it so let's bring sinclair and what do you think of that job guarantee i mean a job guarantee is a better fix i think that in a day. the exploitation of labor if you had the government set

a real floor that was equitable and actually train folks to build the way we need to build just like you know what's up with the new deal and. you know my background is engineering but you know creating dams infrastructure. you know civil engineering work begets you know additional road work so you dealing with different various skill sets but everybody's very valuable you can't you talk about civil engineering with actually the person laying down as fall preparing the ground and all these things are stepping stones to actually building a labor that's really more satisfying i think even in eighty's when we looked at how we automated so many things on assembly line people saying people are going to lose jobs well the jobs are very repetitive you know we really were talking about ergonomics you would have all these problems with different body parts because you're doing horrible work i don't think that's really you know the optimal use of human beings anyway so what i'm learning in this. arie's front running is that the

economy's becoming more financialization and that those banks that have access to 0 percent credit for example dominate overwhelmingly in the society and that the need for labor as such as a concept is known is becoming obsolete and if the economy is monetize this extent and it's all about access to cheap money and if i don't have access to 0 percent interest rate or negative interest rates then i'm at a disadvantage in an asymmetric war with these banks the way to right that wrong is give me a cut just like in alaska they get a cut of the oil revenue why can't i is a citizen get a cut of wall street's revenue that they are generating for them suddenly. which are sending distilled differ you don't have to do that in talking about the federal guarantee jobs this is not just one magic bullet you could actually come up with some of the top of these baby bonds talking about ways we could access capital and capitalism capital is important so we could actually have programs that actually help folks who want to do that but when you give everybody a $1000.00 i'm

a poor person i'm going to consume that and then you're rich you're going to invest that where equity the wealth the spirit is going to grow because you're you're not using your money to consume you're literally buying more crazy things and then my landlord knowing that i got a $1000.00 you just go raise my rent so then you get your inflation going on in there so i think now if you're tom i reparations and you're saying that we're going to repair and just as we were talking about reparations bring our players in and actually talk about how cut the check based on some real inequities that need to be repaired so we can move on there's an inheritance that i've been denied in the capital decided this was socialist that i still do and if we can reconcile that i think again we've talked my equity we're talking about a capitalist society i'm owed money it should have interest the crew to it and then we can start talking about building a country together not just off my back in the say don't worry about the labor and work that you invested it would just move on to really good point because reparation is is. for the 1st time actually

a presidential candidate level issue that we're seeing many of the democratic candidates talking about reparations what do you think in terms of this is this a legitimate issue and. it's a legitimate is and the other point that sinclair makes is the right one look reparations deals with a fundamental injustice you have a group of people that were literally stolen from their homes in slave through no choice of their own they were put in this country and the most horrific conditions were imposed on them and we've never really addressed that issue on asli as and i'm glad we're talking about it now but you know hopefully it will go beyond the top but it it's it talks about establishing a new foundation instead of just simply dealing with the seas and and the existing pathologies on filling in the slave by the data that's being kind of keeping me in this case where i can escape because it's being monetizes served back to me in the form of bad discontinuation hasn't gone away could we address the owner front and i

think we don't hold these people accountable and how they extract that like we will make it seem like what they're doing is ok and then is not until it negatively impacts and then we now want to address what they did in the beginning there should be rules that prevent these folks from taking our data the way they're extracting it should there should be some type of process that collective we agree you don't do this with my data just like i go into a store people don't do certain things to me why because those rules of engagement i think we will allow this to be a while that everybody signs the terms of the way she reads them and that's that's that's what n.g.'s idea is a data driven and a robot truck miles so you see he's saying that this is going to happen in inevitably why not just like do a value added tax take it and give it i don't think is it ever why i think we need to say no we have to have someone to step in and say we did technology is always ahead of regulations so we're clear on that. now that we see what you're doing to our population you're not going. do it anymore is unacceptable now the europeans

have come up with some things where they let you take it then they're supposed to disappear in a couple months i'm saying on the front end you're not allowed to do these things and that signing that little paper we know that's a hustle yes so let's not act like this really we need someone to come in and protect us from running we're covering this shift generationally from boomers to. and we do see a lot of more woke like these ideas that they're ready to give their use reparations back and it is a sort of time to move to that sort of thing like but what is that number what is the reparations number like is it a trillion dollars is attention is our i've heard 17 trillion is a lot of money i think what do you think as a banker about that i mean i guess that is the tough thing right we are blending 2 issues i mean at the end of the day it is a distribution problem in our economy but we're blending again the justice issue with the actually are we getting wealthier so so when we talk about about you know jobs and programs that are productive critical infrastructure that's more of an

economic i totally agree with by the way by the way that's a that's a better way to go about it i think but there's also a deep underlying sense of injustice in what you know what we thought was a more invisible hand free market economy you know with you know the winners rise of the top and and so that we're actually struggling with 2 issues here one is an economic issue but we are not growing the pie so we're we're distributing it more and more without growing it so so we have both a justice issue as well as an economic issue to deal with i think that's really well put because you see that in the political space itself between the 2 parties in d.c. the viciousness for that shrinking pie is very vicious is playing out in this hyper partisanship there is no discussion about growing the pie it is becoming a question of redistribution and so one party is saying we're happy with the existing system we don't want to do anything about it the other the other party is saying well there are problems but let's redistribute from the winners to the losers with. trying to do something which fundamentally restructures the economy in

a way that creates more when it's right well speaking of eating pies we've got a pie eating contest coming up right after the break right here in front running 2020 don't go away. is you'll media a reflection of reality. in a world transformed. what will make you feel safe. isolation whole community. are you going the right way or are you being led. by. what is true what's his face.

in the world corrupted you need to descend. to join us in the depths. for a mate in the shallows. wisdom is the application of practical knowledge in a group where you have ways in novel contexts but if you learn a particular scenario could be in a class could be a variance and you encounter that exact same scenario knowing what to do is just memory that's not wisdom that's not learning it's just memorizing some wisdom comes when you are facing a brain new context and you can draw upon tools you learned in other contexts systematically to know what to do.

on the money and on guns and money i'm not one. of them so i don't believe anyone. about what it was it was a bit beyond that what the symptoms of one was more about. what were in the morning the fact that they couldn't. see in the car going to him but i'm before but i caught on to him but i. am now on body i'm not one. leave. welcome back to front running 2020 i've asked those of ever in this episode or looking to be a universal basic income statement but i want to take it from

a different angle and that would be the right wing angle because of course this proposal universe of basic income is being proposed by the left but way back decades ago it was frederick himself who is basically the grandfather of this whole deregulation and then the road to serfdom and an inspiration for ronald reagan and margaret thatcher his notion on why we should have something similar to a universal basic income that the government should provide a certain minimum income he said for everyone a sort of floor below which nobody need fall even when he is unable to provide for himself this he said would provide freedom from coercion by employers so if we have a jobs market the employer always has more leverage because you need the money you need to feed yourself you need to house yourself and your family so his notion was that it provides a more equal market there between employee and employer this is just going back to

what he said about the jobs if you have a guaranteed level of jobs it really does make you know ridnour it makes the floor a better floor so right now your choice is nothing if you're unemployed or slave wages will suppose you have a 3rd option actual meaningful way that allowed you to really do something amazing for society you know maybe is daycare babies building roads babysitting to our elderly how do we get the best it's going to piggyback the growing of the pie is that we can't just have 4 white guys figure everything out we've got a world full of whole bunch of people i was able to make some money so now my creativity is high so i can actually start talking about something called bitcoin. why because literally i've met all these other things because i was able to do so i'm very average but if other people had that opportunity we would grow the pie because these brains are what we're missing we're actually creating right well look

at the brain trust that you find and something like and see what's as a huge side and people have access to a world market making little home crafts and things and people are making tons of money doing that and look at where you've got music and artists who have access to world markets we have more independently financed and funded successful musicians than ever in history i think having a basic income. as described by andrea or high it gives that floor for people to just explore their own inner creativity and in a way that voids the pitfalls of being slat out broke i'm in the emergency room now i owe the man $100000.00 i think we agree on the end point of what it does to have that floor and open up creativity and get away from subsistence the problem is how do we get to that point do we need a big central entity to suck it back up and then push it back down and i think technology is getting better to be able to make that you know just even from payment systems to make that but beyond like an old son system to check on the many

older you know i think we can do it with block chain something like that you know i think it's a lot easier to redistribute but i still go back i agree with what the jobs you know i think i think having having a job guarantee without income rather than just being a pure social safety net of just free money it's a it's a floor and it doesn't have to come from the top it will be funded from the top of course because it has the government the federal government is the funding mechanism is the issue of the currency but it can be administered privately locally you can do it from the top down but how is this different than in they provided jobs guarantee a and the economy went bust the risk is that you have a you can create a slave type of system but you can easily grab the. and you can take a whole 'd host of programs that we have today social welfare programs and not necessarily replace them but simply but give a living wage a sinclair was discussing along with benefits such as adequate health care provision and you're not fundamentally changing the operations of the economy

except that you you're introducing the equivalent of an employment buffer stocks so that you know when times are tough in the private sector you have a buffer stuff that collects that underutilized surplus of labor and allows them to stay in the working in the employer market and then transition back to a private sector job when things are getting better again but what i would argue is in some ways that that is sort of happening as long as it's a government funded one as well as i do it growing you more and more of you going to which then again gets back into central planning and import output models we don't. get to central and i disagree it has to come the funding has to come from the gulf and there is no other mechanism that can realistically create it doesn't have to be administered by the government but ultimately it has to be and where it could be things that the private sector can get there the return on investment is quickly so these long term infrastructure projects are projects that people like you have i'm trying to make some money i need to my shareholders want to see me get results and we're building some covert or some like means that would

run off water it may not be something that i would take as a private sector but the government work with private sector and hire people to actually build even the pink your senior citizens that really has a quality here that no one maybe be willing to do in another way but this is we're americans like there's to me we should care more about the quality of life of our people and i think if you had a minimum. income eat a lot of people and god help senior citizens because that's why i know that why not let that is a nexus directly by the job guaranteed because i are trying to get into central planning to josh bolten and i don't answer that and i wouldn't be awful in that regard i have a story here about the richmond fed. set the economy and because all these youngsters are talking about universal basic income the top down approach is they're jumping in and this is the sort of dystopian soviet like future they see for us so the richmond fed finds that it would be optimal to continue to

concentrate knowledge workers specialized like new york city like san francisco these booming innovative thinking class sort of cities where hillary called the winner is the winners that voted for her and the rest of the country they're the deplorable is right the losers of globalization and what the richmond fed says is that the government should subsidize these people these less educated people to live in less productive cities and then give them a u.b.i. like cut of the agglomeration bonus it's fancy words but basically it's a it's a payoff to sustain the existing system which creates a problem in the 1st place so i don't see how that can advance prison system too they'd send you just as that's 5 like this but you have but that's according to your lodge where you simply say well you don't want to have a centrally administered system which you'll get through a job i would argue that if you just simply say well you just handed a $1000.00

a month they could do whatever the hell they want with the you know your perpetuating a serf like economy that you got today so why is that. an economy that rewards kleptocracy by entrenched elec are only that has access to unlimited trillions and 0 percent of what they are on a universal basic income right now it's called quantitative easing and they have created an ecological hole no raynor president. created entrenched poverty there's nothing there the total of all that is something universal about that and it's not how is it not universal it's every single banker in america gets. the money we're all prisoners i mean you know look they don't and that's what the point is you do want to. be universal but you want to be consistent with broader public per purpose and what your describing just. according to the mandarins who run the government programs out in a world war 2 clip taught crowded earth 3 decades let's talk about the last 3

decades because people are to judge i think it's like a young millennia old who was offering a lot of old thinking that all men are going to be alone that that's right and his idea is of course well all these jobs are getting lost and in fact he mentioned that from 2000 to 2010 for every job that was lost or trade there were 6 jobs lost because of automation but what we should do is retrain people and help them conquer the spiritual challenges that come from being unemployed because training with no job sucks so if you actually o.j.t. some bio and a job training. center where you're literally training and doing this incredible thing and that takes a lot of that anxiety because you get this new training and what do you do with it you just stay employed for unemployed for a while but if you could actually get a job there's a guarantee you're actually you know being productive i think it does answer that

question of how do you move folks but this is not the 1st time again i said in the eighty's and ninety's we kicked a lot of folks off the similar line to do something else and we need to do a better job of that we have this this narrative of technological in a bit. of a debility which seems to destroy i was towards automation and most more unemployment we had constant innovation throat history and it hasn't led to but by the logic of the the that the techno the techno determinist we should eventually just have a whole bunch of people engaged had leisure and just have 5 or 6 robots that's never happened like we're going to get to a 30 hour we're going to every generation painless and that now would have been you know the euthanasia of the rentiers and what he meant but with not the wealth creators but the wealth extract is that's what he was talking about the. you would get to a point in society where you wouldn't have the need for private wealth extractors that was that was the point he was trying to make but we've never had the issue of artificial intelligence we're actually now everyone can range and again a sense technological force that is actively pushing us off the grid every

generation has this fear of robots taking over i mean that's what 2001 a space odyssey was all about and and how being be able to shut us down and take over everything it's the ultimate dystopian nightmare it suits the purposes of the ruling class to put that narrative out there but it's not necessarily the case that it will inevitably lead to that kind of dysfunction out of the disagree because they've been around longer than to modify szell intelligence and automation and robot trading are now greater than 90 percent of all the trading they do most of the financial journalism the financial journalism read by robots and forms robots are lost in what they trade they change prices which is reported and recorded by artificial robotic you can always go back and forth at a site you'll decide you know they've pushed off you know our own plot it that's one of the one of the problems we also like to project recent trends with you know reason see bias and then we're going to go i mean one thing that's actually a very big issue you know because we're all we're using this this is this big you

know scary thing that's coming but moore's law is sort of slowing down like we and if you talk to people really in deep learning we're nowhere close to being efficient we're not we're not creating anything new so we're using this as this big big scary you know you know thing that's out there to says she chief something politically but i'm not even sure if that's the right the right endpoint so you know i guess you know going back to you know by keeping it simple and letting letting the economy figure that out is 11 important thing and also sorry won't important is we're also talking about federal right we're spending a lot of time thinking about federal money because that's where you get very cheap debt a lot of these issues could be dealt with much better if we had better local funding and local. and he's figuring out where to fix problems and you know factory closes and and so we have tracked it all away by sucking all of the money up into the center and then we need these experts to try to figure out on a massive scale that's very complex we need to figure out ways to get things done

locally again and i think that's been done locally but you have to fund them directly that nationally because we don't have municipalities and states issuing currency so it has to be done at the national level that's funding it doesn't mean it has to be centralized planning that's just the reality right well we've got to go flash round sinclair u.b.i. happen or won't happen won't happen marshall won't happen bad idea josh will happen but i do know very well it's going to if that's found aren't trying to make one thing to keep in mind that the last guy do have basic and common sense science in any job they've interesting $44000.00 think about that and so next time.

you are no offense but you no longer a young woman in fact you are one of the last living survivors of the not to. leave or a day to. day from yet maybe you can now. was there a need to be close you would never believe that one. can do to as a hobby of course very 32 years ago it would be very bad. for you. when i get out on the farm some of you don't want to take my son to the next place in the hope for the bliss of her. why is no good keep the slime due or smear the focus on the best use the.

one. you see in the film was not the. most good movie do you. really believe. you know. what. the instant we hear them then. the want to. close 2.

the. no. it's been a news rich week for russia what with a new prime minister i'm constitutional reform posed by president the changes if approved would best parliament with greater power depicted as a put in power grab by many western media outlets. deterrence becomes a new buzzword for washington's policy on terror around as trump seemingly abandon the claim that assassinated the remains are not small money was an imminent threat to the u.s. . and a criminal investigation is open into u.k. police after an independent report reveals years of ignoring sexual exploitation of children and social care.