Recessions underscore the urgent need for a Universal Basic Income (UBI), a regular, unconditional, and universal payment to individuals, as argued by financial expert Frances Coppola. Central banks could potentially circumvent the flaws of existing welfare systems by introducing digital cash dollars as a new standard for financial aid, eliminating the need to accrue government debt. By utilizing a Central Bank Digital Currency (CBDC), central banks could facilitate direct, monthly payments to individuals, thus offering a resilient solution to economic downturns and better preparing society for future crises. This approach could also manage potential inflation issues, balancing the economy effectively in response to changing consumer prices. #CBDC #UniversalBasicIncome #UBI #DigitalCurrency #CentralBanks
Timestamps:
Theft 0:38
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