[p2p-research] P2P, Basic Income, and Bankruptcy Law

[Michel Bauwens]

I personally think this is a non-issue, the basic income covers the
basics, nothing more, and people would still be sensitive to losing the
surplus as well as reputational losses; on the side of credit forwarders,
additional caution would also change the systems on their side,

Michel

On Mon, Mar 1, 2010 at 12:07 PM, Edward Miller <embraceunity at gmail.com>wrote:

> I was wondering how to deal with bankruptcy in a world with a Basic Income
> provided by some combination of the p2p strategies, open manufacturing, and
> Guaranteed Minimum Income programs
>
> Considering that the formal economy would still exist, and presumably that
> would still require defense of property rights.... which means even
> anarchists must recognize that there will be some transition period with
> state-managed property rights... how would bankruptcy be handled best?
>
> If people can easily rest on their laurels after declaring bankruptcy, then
> they certainly shouldn't be able to do it repeatedly. However, I am quite
> averse to the notion of putting people in prison over this. Is there any
> middle ground?
>
> Perhaps you could just let the interest and late fees grow and grow forever
> while you ignore it and just live off of the abundance generated....  is
> that how most of you forsee the fall of the formal economy? The debt just
> grows and grows but becomes meaningless. How would that play out? Seems like
> it could be very messy, but perhaps not.
>
> Speeding that process up with government-run Guaranteed Minimum Income
> programs would be a bigger challenge, since people have negative
> associations with "entitlements," and the Basic Income could easily be
> stripped away if enough people stop paying their debts and then corporations
> gain an overwhelming incentive for attacking the program.... and perhaps
> instituting this program and chopping it down would be worse than doing
> nothing at all. That scenario is the best argument against the Guaranteed
> Minimum Income I have ever thought of.
>
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