A journal of Catholic patriots
for the Social Credit
monetary reform

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A Sound and Efficient Financial System

by Louis Even

A Sound and Efficient Financial System


The sound and efficient financial system discussed in this booklet is generally known as Social Credit. It has never been applied anywhere thus far. Its principles were set forth by the Scottish engineer and economist C. H. Douglas. They were published by him for the first time in 1918 and since then, they have been taught throughout the world by the Social Credit School.

Once implemented, Douglas's proposals would eliminate all financial problems where there exists no physical problem of production or of distribution. His system gives finance a role of service to the country's economy, and no longer one of command.

Douglas drew up his propositions with precision, but without dwelling on the modalities of their implementation. Besides, he pointed out that these modalities could vary, according to place, to established customs, etc. and could be modified according to the results obtained, but without straying from the principles.

The Social Credit publications “Michael” and “Vers Demain” and similar writings have refrained generally from discussing the possible modalities for establishing a financial system in keeping with Douglas's principles. 

We believe that our role is foremost to explain the "what", what people need to obtain from their economic activities; also the "why", the reasons why they are entitled to these results.

As to the "how", how to implement Douglas's propositions so as to achieve these results, we believe this to be a matter for experts; not one for politicians or for governments. Their role is to dictate the "what" to the experts who are to be left to decide the "how".

Bearing this in mind, Douglas addressed himself to a meeting of Social Crediters in these words: "The bankers themselves will establish Social Credit — once, of course, they receive the order to do so."

On another occasion, he suggested that, in order to get out of the financial rut into which individuals and governments found themselves during the 1930's, the Government ought to assemble a few of the country's leading bankers, lock them up and keep them locked up until they found a remedy to the evils that afflicted the world. Such a remedy, they would soon have found!

However, herein we will dwell slightly into the "how". How might we implement Douglas's propositions? How can a constant equilibrium between the prices and the purchasing power in the public's hands be achieved? How can new production be financed not with savings, but with newly created credits?

Our goal is simply to show that it is possible to implement Douglas's propositions; not to show that a particular method is the only way to do so. The methods set out here, are neither dogmatic nor exclusive. But we advocate these methods because they seem to be the most practical and the least disconcerting since they make a greater use of existing financial mechanisms while purging them of the fundamental financial defect which diverts them from the real end of the economy, which is to serve human needs.