Chicago plan, social credit, sovereign money and basic income
Who understands really that all money circulating is done and destroyed only by commercial banks at compound interest ?
0,0001 % of the people !
This article by IMF researchers is worth reading in the context of Social Credit, I think. I found section on the history of money to be quite interesting. The Swiss Vollgeld Initiative, which was mentioned earlier in conversations of the Group, draws on this plan, developed during the Great Depression largely by Henry Simon of the University of Chicago and Irving Fisher of Yale. It seeks to address some of the same problems on which Maj. Douglas focused, but not the distributional elements which are so important in Social Credit. However, in light of the fact that the developers of this Plan are revered figures in the history of economics, and that advocates can point to IMF analysis testing each of the major propositions, and that the Swiss may actually implement it, it has a lot going for it. Can anyone point to similar analysis and testing of the Social Credit program? What are the "facts-on-the-ground" and what have they been historically? Is there any serious and credible effort underway anywhere, in any jurisdiction, to implement Social Credit (as the Vollgeld initiative is doing in Switzerland for The Chicago Plan)? Can we honestly say that across the globe, initiatives targeting the current financial system are strong and gaining ground? Where and how? The devil (and everything else) is in the details.
https://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf
https://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf
Experiments:
There have been many proposals for “monetary reform” especially in response to adverse economic conditions. They usually have advocated especially returning or establishing money creation by the State, 100% money and stable prices, etc., none of which are Social Credit objectives which include the decentralization of credit-power and falling prices to realistically reflect real increases in efficiency, et. As you have observed, none of these various experiments were concerned with the problem of distribution as technology replaces human effort as a factor of production. They were and remain today primarily concerned with exchange rather than distribution. There was an experiment in Austria during the inter-War period with the “Notgeld”. State credit was used to subsidize consumer prices and apparently during this period Austria was the most prosperous of all nations. However, the Austrian National Bank intervened and stopped the experiment, upon which the national economy was thrown into economic depression. The “wara” experiment in Bavaria had also been terminated by action of the Reichsbank. Money or credit is the “commodity” sold by the banking industry and their inclination is to make it scarce to enhance its value. Predictably, the recent Swiss referendum on a guaranteed income was soundly defeated because it was to be tax-funded.
Sincerely
Wally
http://desiebenthal.blogspot.ch/2016/09/why-swiss-national-bank.html
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