Seems to me to be a sure fire way to make citizens into slaves. No one in power is going to give out money without having total control over them, i.e., no freedom. It begs for totalitarianism.
Can you imagine? No tradesmen that will be designing and building things people like. There wouldn't be any electricity, we wouldn't be able to drive our cars because all the gas stations are closed. It seems like it would be a very dismal way to live one's life, with no motivation to learn to do anything. Not a world I want any part of.