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A plan B for Greece ?




     A monetary approach towards an
    unconditional basic income in Grece


      Stanislas Jourdan - BIEN Congress, September 14th 2012, Munich
What is the Greece crisis all about?
                        A self-destruction process
Don't push here !




                               Austerity                Unemployment & poverty




      Credit crunch                              Recession




   Banking insolvency
                                   More deficits                 Informal economy




      Deposit flight                Euro exit?                 Debt service on the rise
A little debt service problem




             Find the mistake in this chart...
Banks...
Capital Flight
Tax evasion...
Insolvent banking sector
Shrinking money supply




  Towards a moneyless economy
Some basic conclusions & issues
●   Austerity is not working
●   Shortage of money in Greece
●   Banks are uselessly dangerous
●   An exit would benefit to the richests
●   Unsustainable public debt
●   The central bank is already printing money
●   Confidence is key to recover
A plan B for Greece
Sure a basic income would help...

               ● An efficient safety net
               ● Downsizing the public
                 administration
               ● A huge stimulus for the
                 economy
               ● More power to people
               ● Confidence
Can we afford?


 Where is the brilliant
politician who would do          Too good to be true!
           that?




   This won't
   happen
[Again]
What if...
Exiting the eurozone: an opportunity
A promising signal:
● The central banks 20bn new drachmas
  yearly...
● During 3 years
● Distributed to people through a basic income

Two complementary measures:
● Banking sector reforms
● Tax on cash inflows of money
Inflation ?
Why inflation is not the problem
● Greece is under a shortage of money
● An important part of the production is now
  outside of the official economy
● Inflation effect on purchase power is
  compensated by the basic income
● The central bank may increase its reserves
  requirements to control inflation
Effects on the banking system
● Bring new deposits into the greek banks
● Enable the central bank to progressively
  withdraw its support
● Enable people to repay their debts
● New (local & ethical) banks competition
● Less moral hazard than conventional QE
● Banks can start financing again the economy
● People have more power on the orientation
  of their savings
Social Justice
● Safety net for everyone - in addition to
  current schemes
● The 'poor workers' are supported as well
● Tax evasion is finally discouraged
● Dilution of the richest's share of money
Politics & Society
● No need for reforms to implement the plan
● More power to citizens
● Social activities, entrepreneurship are
  encouraged
● Confidence in the outlook of the country
● Give time and room for longer-term reforms
● Incentive for emigrates to go back home
A plan B for Greece
But i'm not the only one:
●   Clifford Hugh Douglas (social credit)
●   Milton Friedman (Helicopter drop)
●   Anatole Kaletsky (reuters)
●   Stéphane Laborde (Relative Theory of Money)
●   Steve Waldman (interfluidity.com)
●   Peter Frase (sociologist)
●   Neo-chartalism
« The truth is not on the side of the majority,
because we do not want it to be so. The day the
 majority will be able, thanks to its culture and
knowledge, to choose its own truth, there is little
          chance that it is mistaken. »

                    Boris Vian
Stanislas Jourdan, Journalist & activist
contact@stanislasjourdan.fr

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A plan B for Greece

  • 1. A plan B for Greece ? A monetary approach towards an unconditional basic income in Grece Stanislas Jourdan - BIEN Congress, September 14th 2012, Munich
  • 2. What is the Greece crisis all about? A self-destruction process Don't push here ! Austerity Unemployment & poverty Credit crunch Recession Banking insolvency More deficits Informal economy Deposit flight Euro exit? Debt service on the rise
  • 3. A little debt service problem Find the mistake in this chart...
  • 8. Shrinking money supply Towards a moneyless economy
  • 9. Some basic conclusions & issues ● Austerity is not working ● Shortage of money in Greece ● Banks are uselessly dangerous ● An exit would benefit to the richests ● Unsustainable public debt ● The central bank is already printing money ● Confidence is key to recover
  • 11. Sure a basic income would help... ● An efficient safety net ● Downsizing the public administration ● A huge stimulus for the economy ● More power to people ● Confidence
  • 12. Can we afford? Where is the brilliant politician who would do Too good to be true! that? This won't happen
  • 15. Exiting the eurozone: an opportunity A promising signal: ● The central banks 20bn new drachmas yearly... ● During 3 years ● Distributed to people through a basic income Two complementary measures: ● Banking sector reforms ● Tax on cash inflows of money
  • 17. Why inflation is not the problem ● Greece is under a shortage of money ● An important part of the production is now outside of the official economy ● Inflation effect on purchase power is compensated by the basic income ● The central bank may increase its reserves requirements to control inflation
  • 18. Effects on the banking system ● Bring new deposits into the greek banks ● Enable the central bank to progressively withdraw its support ● Enable people to repay their debts ● New (local & ethical) banks competition ● Less moral hazard than conventional QE ● Banks can start financing again the economy ● People have more power on the orientation of their savings
  • 19. Social Justice ● Safety net for everyone - in addition to current schemes ● The 'poor workers' are supported as well ● Tax evasion is finally discouraged ● Dilution of the richest's share of money
  • 20. Politics & Society ● No need for reforms to implement the plan ● More power to citizens ● Social activities, entrepreneurship are encouraged ● Confidence in the outlook of the country ● Give time and room for longer-term reforms ● Incentive for emigrates to go back home
  • 22. But i'm not the only one: ● Clifford Hugh Douglas (social credit) ● Milton Friedman (Helicopter drop) ● Anatole Kaletsky (reuters) ● Stéphane Laborde (Relative Theory of Money) ● Steve Waldman (interfluidity.com) ● Peter Frase (sociologist) ● Neo-chartalism
  • 23. « The truth is not on the side of the majority, because we do not want it to be so. The day the majority will be able, thanks to its culture and knowledge, to choose its own truth, there is little chance that it is mistaken. » Boris Vian
  • 24. Stanislas Jourdan, Journalist & activist contact@stanislasjourdan.fr Read the full paper here