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Free issue of MICHAEL

er and

his keg of gold or without

underwriting a debt.

“I open an account in the name

of each one of you. In the right-

hand column are the credits which

increase your account; to the left

are the debits which subtract from

your account.

“Each wants $200 to begin

with. Very well. We write $200 to

the credit of each. Each immedi-

ately then has $200.

“Frank buys some goods from

Paul for $10. I deduct $10 from

Frank, leaving him $190. I add $10

to Paul and he now has $210.

“Jim buys from Paul to the

amount of $8. I deduct from Jim

$8, leaving him $192. Paul now has


“Paul buys wood from Frank for

$15. I deduct $15 from Paul, leaving

$203. I add $15 to Frank’s account,

and it goes back to $205.

“And so we continue from one

account to another, in the same

fashion that paper banknotes go

from one man’s pocket to another’s.

“If someone needs money to

expand production, we issue him

the necessary amount of new cred-

it. Once he has sold his products,

he repays the sum to the credit

fund. The same with public works

that are paid for with new credits.

“Likewise, each one’s account

is periodically increased but with-

out taking credits from anyone, in

order that all may benefit from the

progress society makes. That’s the

national dividend. In this fashion,

money becomes an instrument of


18. The banker’s despair

Everyone understood. The

members of this little commu-

nity became Social Crediters. The

following day, Oliver, the banker,

received a letter signed by the five:

“Dear sir! Without the slight-

est necessity you have plunged

us into debt and exploited us. We

don’t need you anymore to run our

money system. From now on, we’ll

have all the money we need with-

out gold, debts, nor thieves. We are

establishing, at once, the system of

Social Credit on the island. The na-

tional dividend is going to replace

the national debt.

“If you insist on being repaid,

we can repay you all the money

you gave us. But not a cent more.

You cannot lay claim to that which

you have not made.”

Oliver was in despair. His em-

pire was crumbling. His dreams

shattered. What could he do?

Arguments would be futile. The five

were now Social Crediters: money

and credit were now not more mys-

terious to them than they were to


“Oh ! ” said Oliver. “These men

have been won to Social Credit !

Their doctrine will spread far more

quickly than mine. Should I beg for-

giveness? Become one of them? I,

a financier and a banker ? Never !

Rather, I shall try and put as much

distance between them and me as

I can ! ”

19. The fraud ummasked

To protect themselves against

any future claim by Oliver, our five

men decided to make him sign a

document attesting that he again

possessed all he had when he first

arrived on the island.

An inventory was taken; the

boat, the oars, the little press and

the famous barrel of gold.

Oliver had to reveal where

he had hidden the gold. Our boys

hoisted it from the hole with con-

siderably less respect than the day

they had unloaded it from the boat.

Social Credit had taught them to

despise gold.

The prospector, who was help-

ing to lift the barrel, found it surpris-

ingly light for gold. If the barrel was

full, he told the others, there was

something in it besides gold.

The impetuous Frank didn’t

waste a moment; a blow of the

axe and the contents of the barrel

were exposed. Gold? Not so much

as a grain of it ! Just rocks – plain,

worthless rocks ! Our men couldn’t

get over the shock.

“Don’t tell us that he could bam-

boozle us to this extent ! ”

“Were we such muttonheads as

to go into raptures over the mere

mention of gold? ”

“Did we mortgage all of our

possessions for a few pieces of

paper based on a few pounds of

rocks? It’s robbery, compounded

with lies ! ”

“To think that we sulked and al-

most hated one another because of

such a fraud! That devil! ”

Furious, Frank raised his axe. In

great haste, the banker had already

taken flight towards the forest.

After the opening of the barrel

and the revelation of his duplicity,

nothing further was heard of Oliver.

Shortly after, a ship, crusing off

the normal navigation route, no-

ticed signs of life on this uncharted

island and cast anchor a short dis-

tance offshore.

The men decided to take with

them what they could carry, first of

all, the book on social credit, which

had proven to be their salvation

from the hands of the financier

Louis Even