We are all Americans soon as the microelectronic revolution allows production of growing quantities of commodities with decreasing volume of work, in such a way that sooner or later the system will have to run up against its internal limits
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This capitalism that automates itself to death will have to look for a way to survive itself through distribution of purchasing power that does not correspond to the value of a job. Unconditionally distributed purchasing power will, however, not be able to take the normal form of money. It will not be able to be a transfer payment, deducted from taxes on consumption and primary incomes. It is effectively impossible to increase fiscal deductions on consumption and income when production, even though growing in volume, distributes less and less money to fewer and fewer people.
Consequently the global UBI will have to come in the form of a different currency, of a "consumption currency," as Karl Marx called it. He proposed that all commercial production be automatically accompanied by the issuance of its "monetary equivalent," that is, the quantity of consumption currency allowing the purchase of the merchandise produced. The currency issued in this manner could only be used one time: it would be revoked as each purchase was made.
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