[mytailorisrich]

> I assume either EU falls apart and we get 5-10 years of economic chaos or EU helps countries finance universal basic income and it becomes a a new normal. I put more weight on the second one.

Universal basic income, which means giving money every month to everyone, is not affordable at the best of times. At most it is a temporary measure. This is basically what is happening in some European countries: Governments have said that if companies furlough employees instead of firing them then the government will pay salaries (up to a point). It is atrociously expensive.

Universal basic income might work if you have a source of wealth production that you can tap into. That's why is talked about in relation to automation.

Here we're in a serious economic crisis situation so basic income would be welfare financed by debt.

The only way out is to reopen the economy ASAP and to give it a booster shot.

Now if the term "universal basic income" is just used to describe more generous welfare (e.g. generous unemployment benefits) then many European countries already have that. The issue, again, is how to finance it if the number of claimant skyrockets. This is not sustainable.

[thecupisblue]

I think there is another way to make it work.

Time is a source of wealth production, always was and always will be. We produce wealth by devoting time to something that creates value. Just promising future value is enough of a backing for money to be printed. We will realise this soon.