Re:Don't Fire Your Illustrator
by zhoujianfu on Monday August 21, 2023 @09:49PM
(#37217625)
It definitely can work… it depends on the size of ubi and how creative we get. We could for example just say that banks no longer get to do 10-1 fractional reserve banking and instead all the free money gets distributed to their customers accounts. And do a cap and trade carbon system with auctions where all the revenue goes to ubi. And all the revenue from spectrum auctions. And repurposing some existing spending. And printing a little more money. And congestion pricing. Etc, etc…
[ Parent
| on HN ]
> banks no longer get to do 10-1 fractional reserve banking
Fractional reserve banking is pretty much an urban myth. Banks create money when they make commercial loans. The Bank of England explains it quite nicely here:
https://www.bankofengland.co.uk/-/media/boe/files/quarterly-...