On June 4, the first attempt by the Keynesian engineers to obliterate the concept of actually earning a living by providing free lifetime basic income was rejected by voters in the nation of Switzerland.
In fact, the referendum failed to pass by a whopping 78% from the Swiss voters, with the fears of a loss of industrial initiative, along with a sudden mass immigration by outsiders, occurring to take advantage of the ‘helicopter money’ scheme.
The ideas of a basic income and free money for life is in reality the result of central banks taking credit expansion way too far over the past 30 years. This is because nearly all societies now are forced to rely upon continuous new credit to stave off deflation, boost consumer spending, which in most instances is the core of their GDP growth, and avoid default for maturing debt they already have on their books.
Perhaps one of the biggest reasons why the Swiss people summarily rejected the referendum en masse is because their cultural heritage, which is reflected in a society of industriousness, separation, and neutrality. And this can be seen by the fact that they chose never to fully join the European Union, and in addition unpegged the Franc from the Euro currency just last year.
It will be interesting to see if other nations and peoples choose to accept their own ideas of a lifetime basic income scheme, because if so they could quickly see the destruction of their nations and cultures. And just as the allowance of open welfare being provided to foreigners has helped speed up the growing insolvencies taking place in both the EU and the United States, schemes such as free and guaranteed basic incomes will only accelerate default rather than strive to stimulate an economy. But either way, the current state of the world’s debt problems within the global financial system will force many central banks to have to impose free money on groups of citizens simply by the fact that it will always take new credit to support the world’s fiat and debt based monetary systems.