[ixvvqktiwl]

Yes, I include myself in that. The system doesn't work, and it needs to be reconfigured. We've listened to decades of BS from politicians and rich people on TV telling us we just need to work harder, but the truth.

The more I learn about the financial system and how it works with government, the more I have become convinced that the whole thing is a scam, robbing the working class in a way that only benefits the very wealthy.

[adammunich]

How would you reconfigure it?

[ixvvqktiwl]

Probably the most obvious place to start would be to end programs like QE by the central bank, and replace it with UBI. Instead of giving free money to big banks and high net worth individuals, put that money directly in the hands of consumers and those who need it most.

QE can be thought of as a tool to accelerate the wealth transfer from poor to rich. Every time we go through one of these cycles the whole thing speeds up.

Additionally, I think we should reconsider the idea of making it easy to acquire debt. An economy based on debt serves only to inflate assets that are easy to acquire debt for (i.e., houses) and prices out everyone who isn't in a position to acquire debt (which is a huge number of people, mostly young and poor people, including myself).

[Aunche]

>QE can be thought of as a tool to accelerate the wealth transfer from poor to rich.

This is no true. It’s QE is funded by other rich people who buy bonds. If we do pay off the debt, again it will be rich people paying it off. The top 10% pay 70% of federal taxes.

Also, the megarich don’t lose much when the stock market collapses. Even if they lose 90%, of their wealth, they’ll live comfortably. Meanwhile, millions of working class people will lose their jobs because companies run out of credit to pay them.

[_y5hn]

Wealth is in owning, not shenanigans of currency. The wealthy hardly lose anything. Meanwhile, people find "wealth" in working longer hours, renting and buying unhealthy food.

[ivanche]

Benefits of UBI would immediately disappear. Landlords would know you have more money and they would raise rents the same day. Car mechanics would know you have more money so they would just charge more. Same with hairdressers, painters, restaurants...

[adammunich]

Ending QE definitely seems like a step in the right direction. If money is inflated away, what's the point of it really? I don't know enough about UBI to say if it's a good replacement. I am curious to learn more about your reasoning.

The debt thing to me seems like a "band aid" on keeping consumption going. If people have no meaningful money saved, then to keep consumption going cheap credit needs to be made available.