One can dream, but you can imagine if the Fed really wanted to implement UBI, it could probably do something like:
- Give everyone in the U.S. a guaranteed loan for $2,001, 0% interest, payable at the end of the month
- Before you "default", enter in a "negotiation" where the Fed can buy back the security from you for $1, writing off "the losses"
- Do it all again the next month
Tada! Monetary policy as fiscal policy! If you don't want to write it off immediately, guarantee 0% interest and have the timeline for the loan be 200 years, then write off the debt as nonpayable after death.
But seriously, I'm not sure if there's a clear line between monetary policy and fiscal policy anymore.
- Give everyone in the U.S. a guaranteed loan for $2,001, 0% interest, payable at the end of the month
- Before you "default", enter in a "negotiation" where the Fed can buy back the security from you for $1, writing off "the losses"
- Do it all again the next month
Tada! Monetary policy as fiscal policy! If you don't want to write it off immediately, guarantee 0% interest and have the timeline for the loan be 200 years, then write off the debt as nonpayable after death.
But seriously, I'm not sure if there's a clear line between monetary policy and fiscal policy anymore.