Why Record Debts Make UBI Inevitable

Miles Harris explains why the level of worldwide debt currently weighing down economies everywhere requires the implementation of a "UBI", universal basic income. What Miles is describing is the classic conundrum of the Ponzi scheme. Eventually the operator of the con cannot find enough NEW MONEY to keep everyone happy. For decades leading economies have pushed the limits of COLLATERAL to loan against to the point where much of the financial vehicles were fictitious bundles of old loans. When that unravels a new source must be invented. Miles is convinced that the UBI cannot be avoided because it is the only way left to keep CONSUMPTION in the primary role of a thriving economy. To get production back into that primary spot would require the clearing of all debt and a complete restart. That's not likely to happen, at least not in the West.