Originally shared by Moshe Vardi
Offsetting Technological Deflation with Quantitative Easing Stipends for all Individuals

Kartik Gada has produced a very interesting ebook that I've just finished reading and would recommend to anyone with interests in accelerating technology, futurism, and solving the paradox of capitalism. The book, The Accelerating TechnOnomic Medium can be found here http://atom.singularity2050.com/

I've subscribed to and been a fan of his The Futurist blog at http://singularity2050.com/ for 10 or so years now and enjoyed the very rare but thorough posts. He approaches technology and futurism from a professional economics and finance background and so brings a level of financial and economic rigor to futurist and economic discussions that I don't often see.

Basically, this book is a proposal and policy recommendation for dealing with technological unemployment and economic slowdown . . . by balancing technological deflation with a perpetual and ever-growing quantitative easing program in which central banks create money . . . and provide this money not to the big banks via asset purchases but rather to each individual citizen as a regular stipend . . . and gradually accelerating the velocity of money in the economy and abolishing individual income taxes in the process.

This superficially resembles a universal basic income but with quite important differences. The ebook FAQ page covers some basics http://atom.singularity2050.com/faqs.html. Decentralisation purists will have a problem with proposed dependency on central banks but perhaps there are alterations or improvements that are possible and acceptable.

The phenomenon of technological deflation in the economy is slowly gaining increasing awareness and recognition beyond futurists and niche economists, as can be seen for example in this short interview on Bloomberg http://www.bloomberg.com/live/us.

The ATOM proposal notes that continual quantitative easing (current QE3) has failed to raise inflation and has failed to devalue the currency, and it posits that the main reason for this is that accelerating technology has finally reached the point that it is now powering technological deflation to such an extent that it is simply eating this stimulus. Stopping QE is no longer an option.

I remember a discussion with +Mark Lewis a couple of years ago about trying to come up with novel UBI proposals and this definitely fits that category. It'd also be interesting to see if +Kevin Kelly had any thoughts on the proposal. To everyone who made it this far: what do you think of the proposal?
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