Mole trap. 
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1501071
It certainly is if anyone responds to it intelligently (I know, DU, fat chance on that...). This was essentially the dream of the Technocrats and Futurists of the 30's which gave us such wonders as the British Labour party of that era and National Health a bit later, and facets of National Socialism like the workers' holidays of the 'Strength through Joy' program in Germany...benefits wrapped in smothering societies that had to totally control their populace to 'Enable them to give out the benefits more efficiently.' It's the sort of society one sees in the 1936 classic 'The Shape of Things to Come,' with the endstate of a Socialist Utopia ruled by a class of master technicians.
Without the erasure of national boundaries
and cultures, it cannot conceivably deliver on #7 since purely rational resource decisions will eventually lead to one country's Technocrats deciding it is more in their interest to engage in war with a rival than not, for causes that might not even seem rational to us.
Nor is there any reason to believe it could possibly deliver on #11. War (Or preparedness for it) and entrepreneurial impulses have been the clear spurs to the lion's share of technological progress from the Renaissance until now, not central planning with resource allocations for technology R&D being weighed against the effect of possibly diminishing the level of popular benefits for the masses. I daresay the clearly-foreseeable result of the proposed system would be to induce a technological hiatus that would make the current state of Islamic scientific endeavor (Frozen for some 600 years now) or 19th-Century Imperial China's (Essentially unchanged for well over a millennium before its slumber was disturbed by the Europeans) look astoundingly-advanced by comparison.