Being skeptical of a new idea that promises so much is prudent; to ignore it or to assume that it can’t be valid is unforgivable. Besides, “something for nothing” is already part of the system.

In our system as it exists at present all ‘new’ money, as currency, comes from nothing. That happens when the central bank, in the U.S. the Federal Reserve System — the ‘Fed’ — instructs the Treasury to create new money to hand over to the Fed for it to buy newly issued U.S. government bonds or, in ‘QE’ (quantitative easing), to buy securities from private entities such as banks, insurance companies, and hedge funds.

My proposed paradigm can be thought of as a kind of permanent QE for (eligible) citizens. Unlike the system as it currently exists, my proposal has built-in safeguards against inflation.

This paradigm would not replace the existing system, but ‘only’ improve it. Even the Fed would still exist. For that matter, this proposal could be implemented through the Fed, with a single Act of Congress.