Welcome to the front running for the 25 x. Prize of stacy harbor as we count down. And intrigue. The election this week were going to do a very close examination into something called the you be stacy universal basic income tax 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 andrew yang when ever 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 its kind of based off of the notion that well the fed gave free money to the banks to bail them out 14. 00 trillion dollars why not give us a trillion dollars a year in free money just when he think of this while i think you know i think thats where it starts is is this the sort of you know justice and thinking about money as this obstruct thing that Central Banks can print with theres no consequences for debt and so why not why not distribute this way is what 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 its an abstract process and it goes through the matrix of politics. Why cant 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 my investment in america the enterprise i dont i think it comes back to this its as much about justice as economics and so its i think this is risen and you know regardless if the economy is growing in our we know the share of the distribution is 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 everything through a Silicon Valley lens he sees that automation is going to displace all these jobs some number 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 its our trade deals where were 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 its socially corrosive it basically doesnt solve the underlying problem which dean baker describes in part its a palliative to allow so they can tell the 1000000000 is basically to carry on as things are going and youd 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 its fundamentally more american most americans would rather work for a payment or and go from the government just received something for free theres 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 a daily basis who i talk to and communicate with that was never a monetized served back to me in the from an industrial combine is this in Silicon Valley so i have intrinsic data value that i should be monetized and should be returned to me because its mine i own it is part of my sovereign individual so theres its 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 theres got to be a broader nexus of things that keep us together and to me that takes you further along towards the dystopian vision of h. G. Wells where you have you know the the eloy living in the celestial heavens and then youve 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 we create the constitution and the bill of rights and establish sovereign individuality and then we have the government working for us you know thats our innovation that was our Disruptive Technology back 200 years ago so keeping in that theme i would continue want to believe that the government is a servant of the people but i dont see why you couldnt introduce a job guarantee which would have a much more positive productive social role than just simply distributing a local freedom dividend or how are enduring months to market it so lets bring sinclair and what do you think of a job guarantee i mean a job guarantee is a better fix i think that in a day. Exploited labor if you had the government set a real floor of that was and actually train folks to build the way we need to build just like you know which im with the new deal and. You know my background is engineering but you know creating dams infrastructure. You know Civil Engineering were. Bigots you know additional road work so you dealing with different various skill sets but everybodys very valuable you cant 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 thats really more satisfying i think even in the eightys 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 were talking about ergonomics you would have all these problems with your different body parts because youre doing horrible work i dont think thats really you know the optimal use of human beings anyway so what im learning in this series front running is that the economy is becoming more skewed toward financialization and that those banks that have access to 0 percent credit for example dominate overwhelmingly in this 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 its all about access to cheap money and if i dont have access to 0 percent Interest Rate or negative Interest Rates then im 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 cant i was a citizen get a cut of wall streets revenue that they are generating for them sud think that is ation which are sending distilled different you dont have to do that in talking about the federal guarantee jobs if 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 im a poor person im going to consume that and then youre rich youre going to invest that where equity the wealth the spirit is going to grow because youre youre not using your money to consume youre 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 got to inflation going on in there so i think now. If youre tom reparations and youre saying that were 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 theres an inheritance that ive been denied in the capital to decide this was socialist that i still do and if we can reconcile that i think again weve talked my equity were talking about a capitalist society im old 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 and then say dont worry about the labor and work that you invested it would just move on to really good point because preparation is for the 1st time actually a president ial candidate level issue that were seeing many of the Democratic Candidates talking about reparations what do you think in terms of this is this a legitimate issue and. Its 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 weve never really addressed that issue on asli as and im glad were talking about it now but you know hopefully it will go beyond the talk but it its 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 thats being kind of keeping me in this case where i can escape because its being monetizes served back to me in the form of the ads this continuation hasnt gone away could we address the owner front and i think we dont hold these people accountable and how they extract that like we will make it seem like what theyre 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 theyre extracting it this. There should be some type of process that collectively agree you dont do this with my data just like i go into a store people dont do certain things to me why because there are rules of engagement i think we will allow this to be a while that everybody signs the terms of incandescent who actually reads the mail thats thats thats what entry and idea is a data dividend and a robot truck miles so you see hes saying that this is going to happening inevitably why not just like to have value added tax take it and give it to i dont because of them well i think we need to say no we have to have someone to step in and say we did technology is always ahead of regulation so were clear on that. Now that we see what youre doing to our population youre not going to do it anymore is unacceptable now the europeans have come up with some things where they let you take it then theyre supposed to disappear in a couple months im saying on the front end youre not allowed to do these things and that signing a little paper we know thats a hustle yes well lets not act like this really we need someone to come in and protect this from happening were covering this shift generationally from the boomers to. And we do see a lot of more woke like these ideas that theyre ready to give theyre used reparations back and it is a sort of time to move to that sort of thing late but what is that number what is the reparations number like is it a trillion dollars is attention. 17 trillion its a lot of money and then 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 were 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 thats more of an economic i totally agree with by the way by the way thats a thats a better way to go about it i think but theres also a deep underlying sense of injustice in what you know what we thought was a more invisible hand free market economy you know. You know the winners rise of the top and and so were actually struggling with 2 issues here one is an economic issue. But we are not growing the pie so were 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 thats 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 and 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 were happy with the existing system we dont want to do anything about it the other the other party is saying well there are problems and lets redistribute from the winners to the losers without actually trying to do something which fundamentally restructures the economy in a way that creates more when its right well speaking of eating pies weve got a pie eating contest coming up right after the break right here on front running 2020 dont go away. You know world of big partisan. Law and conspiracy its time to wake up to dig deeper to hit the stories that made stream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the shouting past each other its time for Critical Thinking its time to fight for the middle for the troops the time is now were watching closely watching the hawks. Wisdom is the aperture. The cold knowledge in a group or your ways in novel contexts but if you learn a particular scenario. Being a class could be a variance and you encounter that exact same scenario knowing what to do is. Just memory thats out wisdom the thought learning its just memorizing some wisdom comes when you are facing a brand new context and you can draw upon the walls and floor of the other contexts systematically to know what to do. Good food descriptions sound up to tell using even for the owners so how to choose the pet Food Industry is telling us what to feed our pets is really more based on what they want to sell us than whats necessarily good for the pet turns out and put food may not be a soap the people believe we have animals that have you know diabetes in arthritis they have auto immune disorders if that allergies we are actually creating these problems and its a huge epidemic of problems all of them i believe can be linked to fairy simple problem of diet and some dog owners so heartbreaking stories about their pets less treats the larger corporations are not very interested in proving or disproving the value of their food because theyre already making it a 1000000000. 00 on it and theres no reason to do that research. Welcome back to front running 2020 ive asked 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 and this is 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 youre 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 as daycare babies building roads babysitting to our elderly how do we get the best piggybacked the growing of the pie is that we cant just have 4 white guys figure everything out weve 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 ive met all these other things because i was able to do so im very average but if other people had that opportunity we would grow the pie because these brains are what were missing were actually creating right well look at the brain trust that you find and Something Like and see whats as a huge side and people have access to a world Market Making a little home craft and things and people are making tons of money doing that and look at where youve 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 our high act 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 im 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 its 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 its a its a floor and it doesnt 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 graft dont. And y