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RE: What would a legitimate basic income buy?
Keep working, stop paying.
This novel outlines it but gets bogged down in some hierarchy better left to the folks on the scene.
http://www.gutenberg.org/ebooks/624?msg=welcome_stranger
As long as money remains the poor will jump when the rich say to do so, or they will starve.
Any solution that leaves the oligarchy on top is not solving anything, but merely kicking the revolution down the road.