In this excerpt from David DeGraw’s book, The Economics of Revolution, he suggests that the money the US government used to stimulate the economy through quantitative easing constituted a hand-out to the rich, and would have been better directed elsewhere, namely towards the provision of a basic income. He writes that, ‘If they truly wanted to stimulate the economy, they could have given the $4 trillion to every non-millionaire household, which would have been $40,000 per household, or they could have given 114,285,714 people $35,000 each. If we clawback QE from the ultra-rich, we can eliminate poverty and guarantee a Living Income to every person over the age of 18.
The full article is available here:
David DeGraw, “The Coming Revolution: Evolutionary Leap or Descent Into Chaos and Violence?”, The Economics of Revolution, 7th October 2014
