Saturday, September 21, 2019

The Blockchain Will Make A Global Wealth Tax Possible



Nobody is saying American Basic Income (ABI). The term is UBI, or Universal Basic Income. It necessarily has to cover every human being on the planet (and any other planet, should Elon Musk get his way).

Universal Basic Income (aka Freedom Dividend) Is Not Free Money

Forget robotics, forget automation, forget artificial intelligence, forget technology. The wealth inequality on its own is as big a problem as the climate crisis. The threat is existential. Unless the wealth gap in this country and around the world is significantly reduced, ahead lies mayhem. Human civilization will not work if the gap keeps widening. Right now it is widening.

The globe is warming. The wealth gap is widening. And the two are two sides of the same coin, like electricity and magnetism.

Inequality And Climate Change Are Existential: A Blueprint For Survival



How do you put in place a wealth tax? You need to know who everyone is. You need to know what everyone owns. You need to know what the sum total of wealth on earth is. The data on each of that is scant right now. It is certainly not in any one database.

That is where technology comes in. Look at how easy it has become to send anyone text and photos these days. We think of it as free. In 1990 it was not free. It was not possible. If you wanted to share pictures, you needed to use postal mail. It cost money. It was slow. It was not done much.

The Blockchain is the Internet on steroids. The Blockchain is going to be 100 or 1,000 times more impactful than the Internet. The Blockchain will do to money what the Internet has done to media. Everyone on earth will get a biometric ID. What every person owns in terms of wealth will get recorded on that Blockchain. And then the wealth tax is easy. According to one proposal, that of Senator Elizabeth Warren, you simply pay 2% every year on all wealth you own above 50 million dollars.

That sounds like trickle-down economics to me. Unless your wealth above 50 million is generating at least 3% income, or likely 5% or more, why will you want to keep it? And so the idea of parking money will no longer be in vogue. Right now the ultra-wealthy have trillions of dollars in parked money, wealth that exists, but that is not invested in anything productive like clean energy, or a new generation of jobs.

The global wealth tax is coming. It is unstoppable. The Blockchain does not belong to any company or country.

The Blockchain: Fundamental Like The Internet



You are looking at a world government.

Towards A World Government



All the grand challenges in the world today are global in nature. Only a world government can tackle them.









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