UBI was probably a zirp fantasy, but more importantly it’s a US zirp fantasy because the US controls the dollar and can thus fantasize about crazy things like UBI with little fear of repercussions.
Look at the recent UK Liz Truss crisis for what happens when a country tries to spend more than it should. And the UK is a very privileged economy that controls a reserve currency.
If you are just a normal country, attempting UBI will simply destroy your economy, nobody will buy your debt, and the IMF will come and make you stop it. Some countries may be able to fall back on natural resources, but many countries won’t.
Look at the recent UK Liz Truss crisis for what happens when a country tries to spend more than it should. And the UK is a very privileged economy that controls a reserve currency.
If you are just a normal country, attempting UBI will simply destroy your economy, nobody will buy your debt, and the IMF will come and make you stop it. Some countries may be able to fall back on natural resources, but many countries won’t.