Is Social Credit the Answer?

Anthony Migchels – henrymakow.com July 30, 2012

Social Credit is one of the main achievements of the 20th century.
It solves poverty and depression and provides a basic income to all. It reclaims the currency monopoly from the banking cartel, without centralizing power in State hands.
Social Credit was developed by Major Clifford Hugh Douglas, who penned a book by the same name in 1924.
He was the first to see that wages paid by firms were always lower than the value of their production: hence there is an eternal lack of purchasing power and thus depression in the economy. This problem is known as the ‘gap’.”
Douglas  foresaw a time when many people were no longer necessary in the production process. These people are called the useless eaters by our masters, but Douglas understood that production serves consumption and that the economy exists to feed the people, not the other way around.
To solve the problems, he came up with an eminently practical and simple solution: let the Government print debt-free money to be spent into circulation by the people.
Everybody should get an equal amount of money, whatever their income or asset position. The amount of money to be printed should equal the lack of purchasing power in the economy.
In this way Social Credit is associated with a Basic Income or National Dividend, both of which, incidentally and surprisingly, were supported by Mont Pelerin Alumni von Hayek and Milton Friedman.
Social Credit gained a lot of attention in the 1930′s, throughout the dominions of the British Empire (the white colonies) and the Axis powers.
Ezra Pound favored it, wrote about it (in What is Money For, an excellent primer for the un-initiated) and discussed it with Il Duce at some point.
In Japan it was highly regarded and gained a lot of traction. Also the Catholic Church, for instance the Michael Journal, promoted Social Credit as a solution to Usurious Usurpation. However the banker-owned mass media and politicians always ensured that it would never be put into practice.

Social Credit compared to the Greenback

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