2014-7-11

1) My effort has no value: someone else offering the same thing is rewarded. Therefore, my personality is not valued; effort is not the determining factor. 

Example: I post links in the discussion forums, but when someone else posts the same links, they get thanked. The effort was the same, their social reward was greater.

Mendel's effort was not rewarded; Nageli's was (mistakenly). 

The market constantly misvalues effort.

2) "magic of money": Some are able to give IOUs with impunity: their loans are rolled over, they are bailed out. I am not one of them. They have some human magic I don't.

Solution: give me money too, despite what the market thinks. Consider it a hedge against mispredictions by the market.

3) Effort in Mitchell's "History of the Greenbacks", and the quantity theory of money.

MV = PT       Note: the IMF considers T to be (Real) Income

T = effort (what Mitchell calls effort, or what the IMF calls Income)

Currently, only socially-approved personalities who make an effort are rewarded.

But everyone (me, for example) makes effort.

The same amount of effort is valued differently by society.

Therefore T is too small. So give a basic income to everyone.

M  goes up, T goes up, P stays constant (assuming a constant V, which the IMF often does).

4) Saying the debt has to be paid off by taxpayers is like saying banks' leverage has to be paid off by depositors.