Charles Hugh Smith is a critic of the idea of UBI (universal basic income), but in order to understand his critique it is necessary to take a deep dive into the nature of work. Any simple formulation of what constitutes work will either over-generalize and capture too much, or it will leave out certain activities which are necessary for the functioning of a healthy society and which create benefits for people other than the one engaged in the activity but which do not generate a profit and so are often unpaid. KMO and Charles Hugh Smith talk about work, leisure, commodification and the effects of information technology and machine intelligence on how we all participate in the web of exchanges and interactions we call "the economy."
KMO welcomes Chad Hill of the Hipcrime Vocab blog back to the C-Realm to talk about the history of money, the nature of national debt, technological unemployment and what to do with humans who have become economically superfluous. It's a fairly gloomy conversation, and KMO's attempt to end on an optimistic note falls short. Oh well, it's better to know what you're up against than live in a fool's paradise.