György Matolcsy: instead of a basic income, everyone can have a basic line of credit

At the beginning of his writing, the president of the MNB compares money with the greatest discoveries in human history, the results of biological, technical and social revolutions. Financial innovations have also accelerated and, according to the Magyar Nemzeti Bank competitiveness study, “the financial system has undergone the most significant transformations in the last decade, and our competitiveness has further improved.”

Among the most important innovations, György Matolcsy mentions the new tax philosophy of spending money, the new system of fixed and family taxes, the bank participation tax and its rate, credit in foreign currency and the measures of the government stock market, the central bank exchange, central bank toolkit, below inflation interest rates, spot transfer system, central bank supervision

“We have become the most eastern financial innovators in the West, including Europe,” says Matolcsy, adding that he expects the following change in the next decade (emphasis added):

• The four main regions – America, Europe, Asia and India – are their own money from the digital worldet are created.
• The oil dollar will be replaced by more parallel money in the world.
• The states renegotiate the conditions for creating money with actors in the financial system.
• States, through central banks, will have an even stronger presence in the private financial system through digital central bank money, new regulation, and the creation of new money.
• the access to money for companies and individuals very cheap, super fast, it will be safe and generic.
• Hybrid financial systems can be created in which central banks are also directly involved in financing the economy.
• In countries that choose competitiveness, rather than a basic income a basic line of credit will be available to everyone, which is calculated based on expected professional income. It is not a fish, a basic income, but a network, a basic line of credit, that states offer to everyone.
• Countries are divided in the revolution of the financial system. States that choose to be highly competitive innovate in one series, while others get stuck and are conquered as in the era of colonization.
• With financial innovations and new technologies fully intertwined, the merger will be as fast as in the military industry and war.
• Those who respond well to all three respond well to the three great challenges of the century: geopolitics, technology, and money. Whoever is left out of the financial revolution loses the other two.