Albert Wenger

Um, and, um, I believe, um, through UBI, we can get to a place where today 80% of the American population, you know, is engaged in some form or another in the, in this job loop.

Um,

either directly or supporting somebody else who's in the job loop.

And it sucks up economic activity, meaning priced activity sucks up 80 plus percent of our attention.

And I think if we

automate properly, we can get into a knowledge age where that shrinks down to whatever, 20%, and 80 plus percent or so is non-economic activity.

So what do I mean by non-economic activity?

Well, it's taking care of your children, taking care of friends, taking care of the environment, making music, pursuing science.

I mean, these are all non-economic activities.

And I think we need to create space for them.

And the minimum wage doesn't do any of those things.

Oh, absolutely.

And I can also see people continuing to work seven days a week.

I mean, it's just the beauty of UBI is it says nothing about how much money you can want to earn on top of that.

Absolutely nothing.

And some people may choose to want to earn a lot and other people may choose to earn nothing on top of it.

Coming back to the central banks for a moment, I actually am not anti-central bank.

I just think that we need to move to what's called whole reserve banking from fractional reserve banking.

And so when the central banks create money, I'm totally fine with the central banks creating money.

I'm totally fine with 2% inflation.