The democratization of the banking monetary system so as to grant the free basic income without debt crises. Alternative solutions through decentralized digital currencies.
The democratization of the banking monetary system so as to grant the free basic income without debt crises. Alternative solutions through decentralized digital currencies.
(EN)
Konstantinos E. Kyritsis, T. Pappas
(EN)
University of Iannina, School of Economic and Administrative Sciences, Dept of Accouning-Finance
(EN)
Konstantinos E. Kyritsis, T. Pappas
(EN)
In this article we analyze the ability of the monetary-banking system, to support the free basic income that eliminates poverty without creating periodically debt-crises. We discover 5 toxic anti-democratic functions of the banking monetary system that create periodically debt crises. The free basic income is unfortunately not possible to derive from taxes only as it is a too large expense for Governments, so it has to be derived directly from currency issuing by the central bank. By democratizing top-down the monetary system not only periodically debt-crises are not created but also the free basic income can be granted. Alternatively, the poverty may be eliminated with the free basic income through bottom-up alternative decentralized non-banking digital local or global currencies. We state the necessary principles for such currencies (governmental or not) and we give 2 examples of them which are fully taxed within the old banking currencies.
(EN)
