 Yo, yo, yo, yo. What's up guys? So in this video, what I want to be talking about today is kind of piggybacking off of my video from yesterday. I had a couple of comments about UBI because I touched briefly about it. So if you guys don't know what UBI is, that's universal basic income. Now I've spent some time studying it. I wouldn't necessarily call myself an expert per se. In this video, I do just want to kind of put two types of verticals. I want to talk about the pros or potential pros of UBI and the possible cons of UBI and give different case scenarios because right now there's different definitions of UBI. At least for this conversation, I want to state that when I say UBI, universal basic income, that means everybody gets it. It's not, it's not picking who gets it. So no matter if you make $1,000 a year or $1,000,000 a year or $50,000 a year or $10,000,000 a year, you get UBI. Hence the key word, universal, everybody. Okay, so let's start off with the pros of UBI because the reason why most people are even having this discussion and it's not new discussion. UBI is not new. It's been proposed by many people in the last 40, 50 years. Just recently though, more and more people are focusing on it because of the fact that automation is eliminating millions of jobs, robotics, or I would say more advancements of self-auditing. Robotics is eliminating a lot of jobs, AI, deep learning, efficiency, etc. etc. So a lot of jobs that at one point require human, mmm, let's say human skills, in quotation skills, because that's a broad term and it's not really justifiable term because it's not really a skill considering a robot can do it. So more or less as a commodity at the end of the day. So let's look at it this way. Okay. The pros of UBI. The number one biggest pro I see is replacing our current horrible, I mean, absolutely horrible system that is known as the welfare system. In my eyes, I think the welfare program, both in Canada and the United States, similar, a little bit differences, but similar. I think the welfare program in North America is a slavery program. It forces you to stay in this box, right? You get into the system. They give you money based on stipulations and clauses, okay? And at any given time, if you go outside of those stipulations and clauses, they take away your welfare. But the different arbitrage between what you're making outside and what you're making inside is not even worth it for people to leave the welfare program. In fact, it's so designed that it forces people to stay in the program. So it defeats the whole purpose of what it tends to be. Welfare program, it tends to help you temporarily get on your feet so you can graduate, whether in a new skill level or in a social setting or maybe had family issues, whatever it may be. It gives you a temporary buffer to get out of your current circumstances so you can better yourself. However, that's not the case, okay? The welfare system does not fucking work whatsoever, period. And not to mention the legal drain has on our system, the taxation drain it has on our system. In fact, as a society, what do we want for UNI together? Well, we want everyone to be better, right? Obviously, the statistics are in. The welfare system is not making people better. It's not making society better. So if we were to implement a UBI system, one of the first beneficial things would be the welfare system would be replaced. Eliminate the welfare system and give UBI. And with UBI, at least in this example, you don't have to be stuck in a box. And that's saying, well, if you're making X amount of money and you're claiming some kind of disabilities over here, and you're doing this over there, you can't get UBI. That's not the case. Regardless of what you're making, regardless of your situation, you get UBI. Because let's revert this as why are you even in need of UBI? Or why are you even in need of welfare, welfare in the first place? Well, if you're looking at Maslow-Hybrid needs, the bottom need is the most simplistic needs. I want to say simple, the most, the highest necessity of a human need necessary, which is shelter and food. And security can put it into those three, shelter, food and security. So what UBI does is it covers that. It covers your shelter, food and security, which is the most important thing. Everything else, a second there, it really doesn't matter. As long as you have food and you're in a good home, life is good. And so we would eliminate the welfare system. Eliminate all those bureaucracy, bureau crackings, all those stupid jobs you're having that are useless for society. Eliminate that. Eliminate all the waste. I would say, yeah, it is waste. Eliminate all the wasteful taxes that we're using on welfare system. Eliminate that. And eliminate the slavery model that we have, the I would say legal slavery model in the welfare system and replace that with UBI. So that's the first really good benefit of UBI replacing the welfare system. The second interesting benefit of UBI, in general speaking, it actually, it fits in line both economically, legislation, economically speaking, policy speaking on many different, let's say political camps. So a lot of libertarians like it, a lot of conservatives like it, a lot of liberals like it. So across board, many different people acknowledge the fact that UBI is a very good substitute and a very good solution moving into the future. Okay. Those are like the super high level benefits of UBI. I really do like the fact that can replace our really bad, bad, bad doesn't even justify it. I would say horrendous, demonic system that is a welfare system is just such a horrible, horrible system. Okay. So that's like the main major point when it comes to the high level pros of UBI, which is great. Those are really, really good pros. You know, everybody gets it. You don't have to go through your welfare system. You get $2,000 a month in your bank account. You can use it towards your rent. You can use it towards your food, whatever you need it to use for. And that gives you the freedom and liberty to pursue other things. And that's pretty much the major selling point of it. It can substitute all these different other government programs, eliminate those government programs, free up a bunch of this free money or I wouldn't say free money, but taxes that we're already paying and diverge these taxes into the UBI program. So everybody as a citizen of that country gets $2,000 a month, give or take, whatever it is. And now that gives you enough of a platform to build off of. Now let's get into the cons. And obviously I'm not going into super deep on both sides, but I'm just doing the high level stuff. So the cons. My first con when it comes to UBI is the economic policies. So if you're looking at inflation, roughly our dollar inflates about 2% per year, give or take, right? So that means every year, roughly speaking, you're losing about 2% buying power. Now if you couple that and compound that with the cost of products going up, specifically produce, more or less technology is going down. So consumable electronics and pricing is going down, but the flip side is happening with produce, the stuff that really matters the most and rent, rents going up and produce going up. So Mazzo hierarchy needs a bottom category is going up in price, while all these like, let's say things that really don't matter, electronics, etc. consumable products are going cheaper in price. And so at 2% per year inflation, based on compounding that versus produce and rent going up, you have an average 4.2 to like 5% inflationary dollar per year. Well, obviously each country is a little bit different, you know, Canada is a little bit worse than the United States, etc. So my question then for UBI is if you're getting $2,000 a month that should pay for your rent, that should pay for your food, hypothetically speaking, based on mathematics, that means, well, every five to 10 years, then you need an uptake for UBI. So you have to give me $3,000, then 10 years later, you have to give me $6,000. So like the curve keeps on going up. So I'm wondering like, where's the taxes coming from that? Who's paying for this? Like, you know, what you're getting today for $2,000 for UBI, let's say this apartment and some food, you're not going to get that 10 years from now, you're not going to get that 20 years from now. So the economic policies of fiat currency doesn't make sense initially for UBI. Okay, so that's number one. Number two, it's a little bit more nefarious and Machiavellian. That is voting, right? Who's creating these policies in UBI? Is it liberals, conservatives, Democrats, whatever left, right parties doesn't really matter. And so for me, I fear the fact that they can use this as a tool to sway votes. Of course, you're swaying votes today, but this is on a grander fucking scale. Imagine like, I don't know, the Democrats or the conservatives come in and they're the ones that pass UBI, whatever. This is a big carrot that they're swaying over people to control their votes for the future. That's not good. And I think for UBI to really exist, our democratic system or how it's set up needs to change, drastically needs to change. If UBI is to work, then it needs to be not attached to any political party. It needs not to be attached into policies. It needs to be run by third unbiased entity. And so that's my, you know, that's a big fucking fear for me is when you have UBI being controlled by politicians to sway votes. Okay. Next thing, what I really don't like to be a UBI is this, even though they state that hypothetically it might work. Remember, we don't know. There's many different variations of UBI. Alaska has something interesting. I'll get into a second. I think that might be the best form of UBI. It also eliminates politics from it, eliminates taxation from it. It's actually done quite well. So for me, when I look at the third issue of UBI is this. So let's say everybody gets 2000 bucks. And let's say like inflation is not that much of an issue. There's something called financial literacy. You know, when I was younger, I made a lot of money, things took good things and I blew a lot of money. I had no one to teach me about financial literacy. You know, this is why more than 75% of lottery winners go broke within the first five years. They don't know how to control that money, whether it's $2,000, whether it's $2 million, it really doesn't matter. And a lot of people who do have economic issues, I would say the majority, and I want to say just economic issues. I would say everybody, you know, from elementary school to high school to university, no one has been taught about financial literacy. What is money? How is money made? How do you leverage money? Money is alchemy, literally money is fucking alchemy. And so you have this money, $2,000 a month, and they're not forcing you to use it on rent. They're not forcing you. Well, ideally that's what UBI is. There's no forcing of it. They're not forcing you to use it for produce and food. And so a lot of people, I fear from a psychological, I'm not even talking about social policies, I'm not even talking about economic policy, I'm talking about psychology over here. From a psychological aspect, what I fear is people will abuse it. People won't know how to spend it properly. So I think there needs to be a big learning curve when it comes to universal basic income because there's a couple things. A, people never value anything that they get for free, even though it's not free because their taxes are going towards it. And B, if you put money in front of people, if there's not a proper roadmap, if there's not a proper plan, if there's not a proper education, people won't know properly how to use it. So there needs to be a big roadblock. And so those are like my major issues. Obviously, there's nuances of other different issues. There's economic policies. It's going to affect other social programs, et cetera. But I want to leave you at this. I think UBI is interesting. I think it deems an experimentation and there are experiments going on. I'm not in the camp of yes or no. I think somewhere in between. What I saw before, it's been proposed actually by Milton Friedman, is this. Let's eliminate the welfare system. Eliminate it completely. And let's deviate the taxes that we're going into the welfare system already. And let's put it, and I'm just going to speak about Canada because I live in Canada. And let's deviate the welfare money, the taxes that we're putting in the welfare, and let's actually calculate how much an average household in Canada pays for towards taxes for the welfare program. And let's deviate the money into, let's say, the National Canadian Sovereign Fund. Boom, we have now this hedge fund, the Canadian Sovereign Citizenship Hedge Fund. And now we hire a fiduciary, a person who's going to run this hedge fund. And we look at average returns of other hedge funds and global investments at the same level. So let's say tier one hedge funds. And we realize that tier one hedge funds from a global level are getting an IRR, so internal rate of return. I know let's say, let's say we're going to be real estate, above 10%. I say 15%. The hedge fund is returning 15% of the internal rate of return based on the capital that we've just accumulated from the taxes that we've taken away from the welfare program. Now this fiduciary, their responsibility is to invest the Canadian fund into global entity, right? And to increase the returns of this fund. Now we as citizens of Canada paying taxes towards this fund, we get a dividend back. So instead of, and what I like about this is it's both performance-based incentive and it's deviated from politics. No conservative leader party can be involved in their liberal whatever. Politics are away from this is run legitimately as a hedge fund. We're taking pre-existing taxes because let's face it, like, you know, even though I'm a libertarian in some aspects, like it's going to be fucking impossible to stop the government from taxing us. Like it's in already. But let's take the pre-existing taxes from the welfare system and make a fund. And so now we have this fund and let's say five years from now, we realize, hey, this fiduciary or the fiduciaries inside of this fund are performing poorly, sub part 15%, we fire them. They're fucking gone. End the story. Let's get new people in. So it's a performance-based fund for the Canadian people funded by the Canadian people that's paying a yearly dividend back. And what's cool about this is like, it's not even considered UBI. So it's like, psychological speaking, it's great. It's like, Hey, this is the Canadian fund. We are improving the GDP of Canada by doing this as well. We're investing in external elements, commodities, resources, technology companies, and you as a Canadian who's invested in this Canadian fund, you get a dividend. So I really like them on Alaska does something similar with that. Alaska has your oil revenue. So they take a small piece of capital and dividends from the oil profits in Alaska and they give it back to the people. We can do the same thing in Canada as well. Our hedge fund can be investing in Alberta oil, renewable energies, CBD, weed, blockchain crypto, whatever you may be, and then we get a dividend. So those are my, you know, that's my thought, at least on like a cool experiment that we can do for UBI. Moving forward, more experiments are needed. And bottom line though is there is no right or wrong answer. Different countries do, different countries have different cultures, different countries have different belief system, different countries have different politicians, different countries have different histories, different countries have different banking. So it's a multifactorial variable. And so like, you can't take what works in Switzerland and put it in Canada, you can't take what works in Canada and put in United States and vice versa. Okay? So each country has to figure out its own thing. My, my recommendation is watching my video from before and not relying on any government. If you need to rely on the government, you're fucked. Be self-sufficient, love yourself as much as you can, surround yourself with awesome people, get mentorship, get the skill of meta-learning, learn things as fast as possible and just take risks in life. I'll leave it at that guys. Peace.