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Comment: In short, no it doesn't. What

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In reply to comment: Not in the least. (see in situ)

In short, no it doesn't. What

In short, no it doesn't. What you (and PJ) are explaining is not only a form of socialism, it is based on false and unrealistic pretenses. Scarcity is a FACT, it is not something that can be done away with, especially when you do away with incentives to produce. Do you not agree that there is a limited number of resources on this planet?
Where property rights are not well defined there WILL be a misallocation of resources. The oceans and air are a common property without well defined property rights, and are as abundant as any resource you can get on this planet. How well are those resources taken care of?

Your idea of making money so abundant people just lose care of dealing with it is also a false concept. You can make the currency so abundant that it is worthless and then people don't have a need for it, but something else would just take the place of that currency as money. You are NOT going to do away with money. You see money came about to get around the Coincidence of Wants problem, that problem would still exist and the market (black market if need be) would bring about a different form of money.

Everything being automated would cause an extra high demand on energy, energy that in most forms causes pollution. You might say we'll have solar and wind power for energy, but what happens when Florida is set up with energy from solar and wind and a hurricane knocks it all down? How do they rebuild if they don't have energy to?

I have listened to Peter Joseph before (Ted talk and interviews) and I come away thinking that this is a guy who has absolutely no education in economics whatsoever. His description of capitalism in the Ted talk alone shows he doesn't even know what it is. So to me this is a man who is totally ignorant of all we know about economics, who thinks he can design an entire economic system in that state of ignorance. And guess what, he basically designs the same kind of system that others ignorant in economics have, socialism. It's the dream of something for nothing, and that's been proven to be nothing more than a dream.