Johann Rupert backs universal basic income grant

Speaking to journalists at the release of Richemont’s year end results in Zurich, Rupert – whom the Zupta faction has sought to demonise as the face of so-called white monopoly capital – said he backs government’s introducing universal basic income for all citizens to cope with the economic upheaval sweeping the world, the FTWeekend reported on Saturday.

The FT says this idea has moved from the radical fringes of economics to mainstream with backers arguing “that universal basic income could help manage the social disruption being caused by rapid technological change‎, allow people to pursue what they really want to do, and get rid of the complexity of existing benefit systems”.

“It’s a terrible thing capping students – as a chancellor of a university – when you know many of their careers will not exist in future, like radiographers,” sister site Moneyweb reports Rupert added.

“That is why I believe in a universal income grant. We will have to find ways to look after people whose skills are no longer relevant.”

“Globilisation brought people better products at cheaper prices, but this did not lift all boats. The change that we will see in the next ten years will be exponential.”

The new economy necessitates giving people time to ”re-skill” themselves Rupert believes.

Speaking on a more personal level Rupert  –  whose Richemont annual presentations are watched as much for his insightful commentary on the state of the world  as they are for news of the company – said he’d “like to stay forever”.  He’s now 66.

“I keep learning things from colleagues that I’ve never heard of. These are things I should have known 15 years ago that we can try to pass on.”

“It remains true that a lot of brilliant people still don’t know what they don’t know,” he said. “You needs scars on your back. It is the transmission of years of failures, not successes that really counts.”