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Helicopter Money Arrives: Switzerland To Hand Out $2500 Monthly To All Citizens

from Zero Hedge:

With Citi’s chief economist proclaiming “only helicopter money can save the world now,” and the Bank of England pre-empting paradropping money concerns, it appears that Australia’s largest investment bank’s forecast that money-drops were 12-18 months away was too conservative. While The Finns consider a “basic monthly income” for the entire population, Swiss residents are to vote on a countrywide referendum about a radical plan to pay every single adult a guaranteed income of around $2500 per month, with authorities insisting that people will still want to find a job.

The plan, as The Daily Mail reports, proposed by a group of intellectuals, could make the country the first in the world to pay all of its citizens a monthly basic income regardless if they work or not.  But the initiative has not gained much traction among politicians from left and right despite the fact that a referendum on it was approved by the federal government for the ballot box on June 5.

Under the proposed initiative, each adult would receive $2,500 per months, and each child would also receive 625 francs ($750) a month.

 

The federal government estimates the cost of the proposal at 208 billion francs ($215 billion) a year.

 

Around 153 billion francs ($155 bn) would have to be levied from taxes, while 55 billion francs ($60 bn) would be transferred from social insurance and social assistance spending.

That is 30% of GDP!!!

The action committee pushing the initiative consists of artists, writers and intellectuals, including publicist Daniel Straub, former federal government spokesman Oswald Sigg and Zurich rapper Franziska Schläpfer (known as “Big Zis”), the SDA news agency reported. Personalities supporting the bid include writers Adolf Muschg and Ruth Schweikert, philosopher Hans Saner and communications expert Beatrice Tschanz. The group said a new survey showed that the majority of Swiss residents would continue working if the guaranteed income proposal was approved.

The argument of opponents that a guaranteed income would reduce the incentive of people to work is therefore largely contradicted,‘ it said in a statement quoted by The Local.

 

However, a third of the 1,076 people interviewed for the survey by the Demoscope Institute believed that ‘others would stop working’.

 

And more than half of those surveyed (56 percent) believe the guaranteed income proposal will never see the light of day.

The initiative’s backers say it aims to break the link between employment and income, with people entitled to guaranteed income regardless of whether they work.

Or put another way – break the link between actually having to work for anything ever again… but maybe this “group of itellentuals” should hark Margaret Thatcher’s words that “eventually you run out of other people’s money!!”

*  *  *

As we previously detailed, support is growing around the world for such spending to be funded by “People’s QE.” The idea behind “People’s QE” is that central banks would directly fund government spending… and even inject money directly into household bank accounts, if need be. And the idea is catching on.

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7 comments to Helicopter Money Arrives: Switzerland To Hand Out $2500 Monthly To All Citizens

  • Funny thing about this idea, though, is that by putting the cash in THE PEOPLE’S HANDS< rather than in the grubby little claws of those who created the global economic problems in the first place, there is at least a 50/50 chance that cash will go back into the economy, and get things started.

    I mean…it's not as is actual human beings have "personal stock to buy back to make themselves artificially more valuable on paper to impress their neighbours."

    • Eric

      Oh it will flow back into the economy alright.

      More currency chasing the same amount of goods and services = price inflation and shortages.

      I hope they thought this through instead of just desperately trying anything to perpetuate the current corrupt system.

      Now there will be a whole bunch more unproductive people who will be completely dependent on corrupt government to survive. World Socialism here we come. But we all knew it was coming. I’m not surprised.

  • AgShaman

    “Is there a price we can pay to forego the pitchfork solution?”

    “Also, there may be some strange looking, and horny, foreigners heading your way, so you may wanna use that 2500 for buying more bullets”

    Cheers,

    The Bank-Stars

  • Eric

    The group said a new survey showed that the majority of Swiss residents would continue working if the guaranteed income proposal was approved.

    ‘The argument of opponents that a guaranteed income would reduce the incentive of people to work is therefore largely contradicted,‘ it said in a statement quoted by The Local.

    So they are basing this off of 1 survey? Not going to work.

  • Steelerdude

    Since the Swiss are creating money out of thin air and tossing it to the people, wont this create massive hyperinflation??

    I think so…

  • Hoser

    I would be buying 2 Oz’s of Gold every month too. Simple really. Let their government hang-themselves by printing money… Hilarious.
    I wish the US Gooberment would do the same. I would be buying more Gold Maples…

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