last update: 2019 10 09
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Table of contents.

  1. Good money.
  2. Traits of the good money.
  3. Basic income.
  4. Price control.
  5. Perfect knowledge.
  6. Trade comment.
  7. No debt of good money.
  8. How to introduce good money.
  9. Minimum wage.
  10. Job guarantee.
  11. No bad currency union.
  12. Other opinions about money.

Good money.

Money has 3 useful functions:
Money determines who can buy what.

The economy should be limited by the offer of goods and services.

The economy should not be limited by the ability to pay for goods and services.
Economies using debt money are typically limited by the ability to pay because of austerity and debt money and debt crises.
About taxes.
No debt of good money.
The Global Minotaur: The Crash of 2008 and the Euro-Zone Crisis in Historical Perspective (2011-11-12).
Markets Don't Supply According to Demand - Professor Richard D Wolff (2011-12-11).

Therefore a basic income for everyone.
What can be bought depends on the economy and the society.
Basic income.

0 is the smallest amount of money on an account.
A negative amount of money on an account is not possible.
A movement of money is not made if it would lead to a negative amount of money on an account.
No debt of good money.

1 is the smallest unit of money.

Traits of the good money.

  1. Money determines who can buy what.
    The economy should be limited by the offer of goods and services.
    The economy should not be limited by the ability to pay for goods and services.
    Therefore a basic income for everyone.
    What can be bought depends on the economy and the society.
    Basic income.
  2. Money can be saved without loss.
  3. Money can be spent without loss.
  4. Money can be moved from account to account without loss.
  5. A negative amount of money per account is not possible.
    A movement of money is not made if it would lead to a negative amount of money on an account.
  6. It does not matter if persons cooperate in the same organization or in different organizations.
  7. Perfect knowledge.
    Trade comment.
    Classic money systems do not offer perfect knowledge.
    Lack of knowledge is very bad.
  8. The currency is not dependent on other currencies.
  9. No bad currency union.
  10. The good money is good digital money.
    • Good digital money is cheap and easy to use.
    • Good digital money enables perfect knownledge.
      Perfect knowledge.
    • Good digital money enables automated control of the money.
      Money wave.
    Unlike cash money that can not be used as good money.
    Unlike Bitcoin that can not be used as good money.
  11. Money is distributed as wealth and not as debt.
    This prevents lack of investment and negative interest rates.
    This prevents harmful debt and harmful debt crises.
    No debt of good money.
    Debt crises are harmful because of the distress and destruction.
    Debt crises are harmful because of the redistribution of money (e.g. bailouts) and real wealth (e.g. companies, real estate) to the richest persons.
  12. AFAIK the only way to cheat the system is to receive the basic income more often than intended by the money maker.
    The only way to prevent cheating is the abolition of bad privacy.
    Privacy.
    The money system will probably use identity cards and/or other information to ensure only one basic income per person per income period.
    Some classic taxes promote certain activities to cheat the system.
  13. AFAIK there are no rules that promote unfair activities or unfair advantages.
    Some classic taxes promote unfair activities and unfair advantages.
    Not every person has the time and skill or money to optimize taxes and the ownership of money.
    All states offer or impose arbitrary harmful unfair taxes.
  14. AFAIK there are no rules that promote wasteful activities.
    E.g. no promotion of spending of money to avoid a loss of money without benefit.
    Some classic taxes promote certain activities to avoid a loss of money without benefit.
  15. AFAIK there are no rules that require very expensive or slow computations by computers.
    Classic money and accounting and taxes require very expensive and slow computations by persons and computers.

Basic income.

The basic income is good money that every person receives every income period.
Good money.

The money maker determines the amount of basic income every income period.

Every person receives the same amount every income period.

The income period is 1 day on Earth.

1 is the smallest money unit.
The amount of basic income should be large enough that 1 money unit is little enough but not too little.
Price numbers should be small enough but not too small.

The lustysociety does not make any promise regarding what can be bought for how much money.
The economy and the society determine what can be bought for how much money.
Price control.

Why a basic income for persons who do not sell.

Why free money as gift for a person who does not sell any good or service?

Because:
Markets Don't Supply According to Demand - Professor Richard D Wolff (2011-12-11).

Why a basic income for young persons.

Because:

Why a basic income for rich persons.

Because:

Price control.

The amount of basic income should keep price numbers small enough but not too small.
Basic income.

There is no other price control by the money maker.
wikipedia.org: Inflation.

Inflation of the prices of goods and services by more money indicates a lack of these goods and services.
Inflation happens when money is increased without increase of wanted goods and services that people can and must buy.
A good society works to provide enough basic goods and services.
Rich.
A good society allows arbitrary prices of non-basic goods and services.
Good government and science and technology increase wealth over time so that poor persons have a more pleasant life than the richest persons in the past.
Politics.

The economy should be limited by the offer of goods and services.
The economy should not be limited by the ability to pay for goods and services.

Money determines who can buy what.
The economy and the society determine what can be bought for how much money.
The lustysociety can not make any promise regarding what can be bought for how much money.

Yanis Varoufakis with Ruth Wishart at the Edinburgh Book Festival, August 18, 2018 | DiEM25 (2018-09-24).
The lustysociety promotes the offer of certain goods and services.
The lustysociety has the wish to promote pleasure in the universe.
The lustysociety has the wish to abolish distress in the universe.

Perfect knowledge.

No secrets related to commerce and trade and (money) ownership.
All transactions with money are registered by computers and accessible to all for free.

There must be no bad privacy.

The lustysociety promotes automation and perfect knowledge and the abolition of bad privacy.
Therefore digital money and a trade comment for every trade.

Good money is implemented in a useful efficient open way.

Unlike harmful secretive wasteful inefficient currencies like cash money.

Unlike harmful secretive wasteful inefficient currencies like Bitcoin.
Bitcoin can be profitable for early adopters because the amount of Bitcoins is almost limited by design.
Bitcoin is not fair.
Bitcoin is not useful for an economy because Bitcoin is a limited deflationary currency that is not under benevolent control. It is technically not possible to create arbitrary Bitcoins for good purposes.
Bitcoin is technically slow and wasteful.
Bitcoin Energy Consumption Index.
reuters.com: China wants to ban bitcoin mining, traders say move not a surprise (2019-04-09).
HN: EU charges eight banks over alleged government bond cartel (2019-02-01).
Article: EU charges eight banks over alleged government bond cartel (2019-01-31).

Trade comment.

The lustysociety promotes automation and perfect knowledge and the abolition of bad privacy.
Therefore digital money and a trade comment for every trade.

A trade comment is stored in a computer system and contains:
A trade comment should enable:

No debt of good money.

No creation of money as debt.
Debt is bad.
Debt is a trap.
Debt promotes bad economic relations and bad use of wealth.
Debt leads to debt crises.

Bankruptcy is not an acceptable solution because not only investors are harmed.
wikipedia: Bankruptcy
All creditors might be harmed.
All employees might be harmed.

Therefore debt of good money is illegal.

Good investment means to have the right to receive a share of the profits of a company in return for investment.
wikipedia: Shareholder
wikipedia: Return on investment

Banks must not create money.
Banks must be profitable by investing only existing good money.

Banks must not be protected in any special way.
If needed, banks must protect themselves by insurances.

The debt money system:
Video: Theresa May: "There is no magic money tree" (2017-06-03).

Magic Money Tree.

How Banks Create Money.

The Web Of Debt.

The Global Minotaur: The Crash of 2008 and the Euro-Zone Crisis in Historical Perspective (2011-11-12).
Markets Don't Supply According to Demand - Professor Richard D Wolff (2011-12-11).

Taibbi: Is LIBOR, Benchmark for Trillions of Dollars in Transactions, a Lie? (2015-08-11).

Coping with crisis. Yanis Varoufakis. Plenary 11 at PLSA Investment Conference 2016 (2016-03-11) time 13.

Yanis Varoufakis - Europe's Crisis and America's Economic Future (2016-05-03).
GAIM interview Yanis Varoufakis about democracy and investing (2016-08-12) time 39.

Ten Years After the Crash, We’ve Learned Nothing (2018-09-13).
Why Is the Fed Paying So Much Interest to Banks? (2019-04-01).
HN: 'It's crazy': Chase forgiving all debt owed by its Canada credit card customers (cbc.ca) (2019-08-09).

HN: Danish bank launches world’s first negative interest rate mortgage (theguardian.com) (2019-08-14).

HN: Yield Curves Invert in U.S., U.K (bloomberg.com) (2019-08-14).

How to introduce good money.

Good money is added to the price to pay for a good or service.

As the good money becomes more needed and more valuable, other currencies become less needed and less valuable.

Minimum wage.

The lustysociety promotes basic riches for everyone without dependence on wage slaves.
Basic riches.
The production of basic riches should be automated or paid well enough to motivate enough free persons to work for it.

The lustysociety promotes a lusty life.
Lusty life.

The lustysociety does not care about minimum wage in a society without wage slavery and workfare.
wikipedia: wage slavery
wikipedia: workfare

In a society with wage slavery and workfare, the problem is wage slavery and workfare and not a low minimum wage.

A minimum wage does not abolish the problem of wage slavery and workfare.

A minimum wage does not abolish the problem of poverty.

A minimum wage does not abolish the problem of distress and abuse related to work and lack of work for wage slaves.

A minimum wage does not abolish the problem of costly jobs.
The more efficient and automated the provision of goods and services, the better for everyone and everything.

A minimum wage does not abolish the fact that there is not profitable work for everyone.
Also because of automation.

Job guarantee.

The lustysociety promotes basic riches for everyone without dependence on wage slaves.
Basic riches.
The production of basic riches should be automated or paid well enough to motivate enough free persons to work for it.

The lustysociety promotes a lusty life.
Lusty life.

A Job Guarantee (JG) is a label without unique definition.

A good JG requires a basic income.

A bad JG without sufficient basic riches (including basic income) is not a guarantee but wage slavery or workfare.
wikipedia: wage slavery
wikipedia: workfare

r/basicincome: Universal Basic income . Andrew Yang’s “Freedom Dividend” is more relevant. Bernie calls it federal guaranteed jobs. (2019-10-07).

Why Bernie Sanders should support Basic Income (10 Reasons) (2016-07-30).

The Monsters, Inc. Argument for Basic Income (2018-12-11).

A good JG is difficult to implement for social and political and economic and technical reasons.

r/basicincome: Comment about the failed job guarantee in the Netherlands. (2019-09-25).

r/basicincome: Comments about a bad job guarantee in the future. (2019-10-07).

r/basicincome: Another comment about a bad job guarantee in the future. (2019-10-07).

American Red Cross in Haiti.

How the Red Cross Raised Half a Billion Dollars for Haiti ­and Built Six Homes (2015-06-03).
HN: Red Cross Raised Half a Billion Dollars for Haiti ­and Built Six Homes (2015) (2019-04-01).

No bad currency union.

wikipedia: Currency union.

A currency union is harmful (evil) because of important problems that (evil) experts promote:
In a way, Greece suffers from the dutch disease.
In Greece, not oil but debt was the problem besides bad politics.

Debt is particularly bad if the currency of the debt is not under control of the debitor.

A stable healthy wealthy self-determined autarkic organization (state, society) is necessary as protection against social and economic and military attacks and warfare by competing organizations.
Examples:
A competing organization (state, society):

Other opinions about money.

Yanis Varoufakis - The Universal Dividend and Basic Income.

Video: Yanis Varoufakis: Basic Income is a Necessity (2016-05-07).

Video: Yanis Varoufakis - The Universal Dividend and Basic Income (2017-10-22).

Video: DiEM25 presents The Real State of the Union - Brussels Sept 2017 (2019-03-23).

Video (original): DiEM25: The Real State of the Union, Brussels (2017-09-09) time 6204.

Text: DiEM25's European New Deal (2017-02-17).
Text: New Deal for Europe (2019-01)
IMO:

I like that the state buys shares of companies for investment and ownership and for later dividends to redistribute money.

Still, there are important problems and choices regarding the Universal Dividend:
  1. Is the Universal Dividend enough? And when?
    Besides: Will Amazon Ever Pay A Dividend? (2019-03-21).
    No proposal is good enough if it does not propose the abolition of wage slavery and modern poveerty ASAP.
    Basic riches must be granted to every person at any age except prisoners.
    Basic riches.
    Besides:
    How to know what part of the profits is realized by machines?
    Are there special computations to determine the Universal Dividend?
    These questions matter because, according to the video Yanis Varoufakis - The Universal Dividend and Basic Income, Yanis Varoufakis might want to redistribute only the profits generated by machines and not by humans.
    When should the sane morality and culture begin that a human is welcome even without paid work?
    When should the sane morality and culture begin that a human works for fun or for the society and not only for selfish personal economic wealth and superiority and for social pride and superiority?
  2. There is no initial public offering (IPO) for the current giant companies that most likely remain the dominating giant companies in the future. At least this century.
    The Universal Dividend does not retrieve money from these companies.
    Should the European Central Bank (ECB) create money to buy shares of existing giant companies?
  3. Buying shares means investment in the company.
    What companies are invested in?
    Is there potential for corruption?
    How is decided what companies are supported with how much money?
    Will investments depend on buzzwords, personal relations, geo-political power concerns, marketing and isegoria?
    Yanis Varoufakis with Ruth Wishart at the Edinburgh Book Festival, August 18, 2018 | DiEM25 (2018-09-24).
    Time 420: Isegoria in politics.
    Time 1117: Space for democracy. Control and freedom.
  4. Do citizens of the EU want investment in and owning of private companies by the Universal Dividend manager?
    Do citizens of the EU want investment in foreign companies instead of national companies?
    Does the rest of the world tolerate investment in and owning of private companies by the Universal Dividend manager?
    Does the USA tolerate US companies to be owned (partially) by the Universal Dividend manager?
    Does China tolerate Chinese companies to be owned (partially) by the Universal Dividend manager?
    Should a company be owned by many governments?

Winds of Change: The Case for New Digital Currency.

Winds of Change: The Case for New Digital Currency (2018-11-14).
By Christine Lagarde, IMF Managing Director, Singapore Fintech Festival.

Quotes:
  1. Christine Lagarde:
    A state-backed token, or perhaps an account held directly at the central bank, available to people and firms for retail payments? True, your deposits in commercial banks are already digital. But a digital currency would be a liability of the state, like cash today, not of a private firm.

    IMO:
    Debt is bad. Good money is wealth and not a liability.
    But debt and money owned by a benevolent organization is still better than:
    • Debt and money owned by harmful organizations like e.g. the ECB of the Eurozone or certain member states of the Eurozone.
      The destruction of Greece – the slow-burn decline of a nation (2018-10-09).
      • Quote:
        In the case of Greece, the Troika inflicted such harsh policies that, not only has the material prosperity of the nation been trashed, but now, evidence is emerging that the underlying physical and mental health of the people has been significantly damaged. One step short of genocide. The slow-burn destruction of Greece and its people continues.
    • Debt and money owned by a merciless purely profit oriented bank that is in competition with other banks and thus without full market control and thus without motivation to increase the wealth and prosperity of everyone.
  2. Christine Lagarde:
    Let me start with financial inclusion, where digital currency offers great promise, through its ability to reach people and businesses in remote and marginalized regions. We know that banks are not exactly rushing to serve poor and rural populations.

    IMO:
    I agree. No initial distribution of public money as debt owned by private banks.
  3. Christine Lagarde:
    Without cash, too much power could fall into the hands of a small number of outsized private payment providers. Payments, after all, naturally lean toward monopolies—the more people you serve, the cheaper and more useful the service.

    IMO:
    This is silly and false and misleading.
    Cash money can be abused more easily by harmful governments and companies.
    Example: Greek debt crisis: the key points of Athens bank controls (2015-06-29).
    Online payment providers and users want trades but are limited by harmful governments.
    Examples:
  4. Christine Lagarde:
    Consider a simple example. Imagine that people purchasing beer and frozen pizza have higher mortgage defaults than citizens purchasing organic broccoli and spring water. What can you do if you have a craving for beer and pizza but do not want your credit score to drop? Today, you pull out cash. And tomorrow? Would a privately-owned payment system push you to the broccoli aisle?

    IMO:
    No initial distribution of public money as debt owned by private banks.
    Instead money should flow to producers of healthy wanted products by markets regulated by beneficial entities.
    Good money as basic income.
    Talk - Howard Lyman - Plain Truth from the Cattle Rancher Who Won't Eat Meat (2010-03-12) time 432.
  5. Christine Lagarde:
    Would central banks jump to the rescue and offer a fully anonymous digital currency? Certainly not. Doing so would be a bonanza for criminals.

    IMO:
    I agree.
    Good money allows perfect knowledge for all for free.
    No bad privacy.
    Of course this "extreme stand" is not what Christine Lagarde had in mind.
  6. Christine Lagarde:
    This brings me to my third area—the potential downsides of digital currency. The obvious ones are risks to financial integrity and financial stability. But I would also like to highlight risks of stifling innovation—the last thing you want.

    IMO:
    Basic riches must be granted to every person at any age except prisoners.
    Basic riches.
    Of course Christine Lagarde addressed the financial industry present at the Singapore Fintech Festival.
  7. Christine Lagarde:
    Let’s return to the tradeoff between privacy and financial integrity. Could we find a middle ground?

    IMO:
    There is no good middle ground.
    Good money allows perfect knowledge for all for free.
    No bad privacy.
  8. Christine Lagarde:
    The second risk relates to financial stability. Digital currencies could exacerbate the pressure on bank deposits we discussed earlier.

    IMO:
    Good money should be accepted by persons because the money and the money provider serves them well.
  9. Christine Lagarde:
    If digital currency became too popular, it might ironically stifle innovation. Where is your role if the central bank offers a full-service solution, from digital wallet, to token, to back-end settlement services?
    What if, instead, central banks entered a partnership with the private sector—banks and other financial institutions—and said: you interface with the customer, you store their wealth, you offer interest, advice, loans. But when it comes time to transact, we take over.

    IMO:
    The role and profit of the financial industry present at the Singapore Fintech Festival should have no importance at all.
    Only the benefit of money for the society should matter.