"'The most sinister and anti-social featur about bank-deposit money it that it has no existence. The banks owe the public for a total amount of money which does not exist. In buying and selling, implemented by cheque, transactions, there is a mere change in the party to whom the money is owed by the banks. As the one depositor's account is debited, the other is credited and the banks can go on owing for it all the time.
"The whole profit of the issuance of money has provided the capital of the great banking business as it exists today. Starting with nothing whatever of their own, they have got the whole world into their debt irredeemably, by a trick.
"This money comes into existence every time the banks lend and disappears every time the debt is repaid to them. So that if industry tries to repay, the money of the nation disappears. This is what makes prosperity so 'dangerous' as it destroys money just when it is most needed and precipitates a slump.
"There is nothing left now for us but to get ever deeper and deeper into debt to the banking system in order to provide the increasing amounts of money the nation requires for its expansion and growth. An honest money system is the only alternative."
The above is a statement made by Frederick Soddy, M.A, F.R.S., Nobel Prize Winner, 1921.
Wykeham Pamphlet, December 1959
Published at Innisplain, Australia
by D. W. DE LOUTH
"Full Employment" and the Slave State
Although the depression was essential for the policy of destroying the individual's feeling for independence, it is unlikely that it will be necessary to repeat this treatment in order to create the complete Slave State. Inflation and "Full Employment" are the weapons now being used. During the depression years there was no avenue of escape for the individual. Thus the tremendous interest in financial reform. Now the position is different. Although inflation progressively attacks the living standards of the individual, he is permitted an avenue through which he can improve his financial position slightly. He can work overtime, or he can send his wife out to work, to supplement the family income. This policy keeps everyone so busy struggling that he has little time or energy left to think about economic problems.
Federal Treasurer, A. Fadden, in a special article in the Melbourne HERALD of March 6, 1950.
The root of war
No doubt behind the alleged motives of national pride and honour, racial and religious antipathies, external dangers, and the sedulous fostering in consequence of human pugnacity: and quarrelsomeness, which produce war, economic causes of a much more humble and sordid nature were always at work. But today these are the opposite of what they once were. Our ancestors, who since before the dawn of history have periodically ravaged these shores (the British Isles — Ed.) fought for what they could take back home, whereas we fight for the outlet for our wares to sell them abroad, for markets and a place in the sun, and to get weaker nations into our debt. If you start from the dictum that it is no use being able to produce wealth if you won't coin money enough to sell it at home, foreign markets are economic necessities, but it is the opposite sort of necessity from that which used to cause war.
Dr. Soddy, as quoted in The Meaning of Social Credit by Maurice Colborne - page 176
Reply to a Bishop
We quote below the significant portion of a letter written by an English Bishop in reply to a previous letter sent to the Bishop by Dr. Monahan, one of the foremost proponents of the Social Credit philosophy.
Thank you for your letter... He (Dr. Monahan) says the root of the position is this: "Is it true that a man is happier when forced by starvation to do any sort of work than he would be if he had an income sufficient to keep him from starvation plus the opportunity of increasing his income by paid employment?" My contention is that, in the second case a large number of people, I think probably the majority, would sit back and live on their sufficient incomes; in other words, would allow themselves to be kept as parasites by those who were doing the work. I would be disposed to agree with him that if the alternative of sufficient income plus the work of ones own choice was feasible, it would be ideal — but is it? After all, work is an exacting and tiring thing. It means making an effort, and a great many people if they had independent incomes would not make the effort, and, therefore "fail to pay the rent for the room which they occupy on earth"...
The Chairman of the Christian Campaign answered as follows:.
...The letter you so kindly wrote to me on the 7th November, in reply to one from me, raises some important points, and I feel that you might like to consider the following: —
The consumable wealth of the world arises from two separate sources, (a) accumulated knowledge of technics, built up mainly though not entirely by the efforts of men who are dead, and (b) the very economical employment of this knowledge by the agency of living man, the need for whose work is diminishing in proportion as the knowledge of means increases."
No individual has a moral right to more than an equal share of what arises under (a) though he has an inalienable right to agreed remuneration for what he may do under (b) The true nature of (a) is that of a Dividend paid by our ancestors and should not be a cost in industry. Its value has been computed to be sufficient to prevent exploitation of the individual, which occurs under economic duress. This itself is a professed moral objective of the Church.
With regard to the misemployment of leisure, several things may justly be said:
(1) It is largely a result of the atrophy of the creative impulse and a part of the retribution society has to pay for its mismanagement of the consequences of the invention of the steam engine and dynamo, etc. Some retributive consequences of this kind are inescapable, and we should aim to minimize them, not accepting them as committing to pursuit of further descent on the path of civilization which is not inevitable.
(2) Nothing — i.e., no dictate of a false expediency — can reverse the moral law that the individual is himself responsible for the development of his own life. In the end it is preferable that England should be free rather than sober, if insobriety is implanted in the nature of some men, but on the whole nature favours ascent. If it were otherwise it would be a falsification of the human balance sheet by duress to make men "moral".
From the Voice of December, 1956
"Two opposing philosophies with respect to public finance exist in high government circles today. The first, which may be called the traditional view, is that a continuously unbalanced budget, and a rapidly rising public debt imperil the financial stability of the nation. The second, or new (emphasis in original) conception is that a huge public debt is a national asset rather than a liability, and that continuous deficit spending is essential to the economic prosperity of the nation. According to this view, the conception of a balanced budget belongs to the category of obsolete economic dogma, the fallacy of which has been clearly demonstrated in recent years." (The New Philosophy of Public Debt; published by the Brookings Institution, Washingfon, 1943).
"It is equally obvious that so long as this demand for a balanced national budget is conceded, there can be no economic security, since it involves continuous application to the financial authorities for permission to live." (The Monopoly of Credit tp. 59 by C. H. Douglas, published. 1931).
"The great bulk of the loan (National Debt) represents purchases by large industrial and financial undertakings, who obtained the money to buy by means of the creation and appropriations of credit at the expense of the community, through the agency of industrial accounting and bank finance." (Economic Democracy (p. 123). by C. H. Douglas; published 1918)
The above quoted in The Social Crediter, Jan. 23, 1960.
The Yass test
The majority of water engineers in Great Britain, the United States and Australia have opposed fluoridation of public water supplies primarily because, they point out, it is impossible to ensure that the water at each tap contains the minimum percentage of sodium fluoride. Tests done overseas have proved the water engineers right. Now a similar test has been conducted on the Yass (New South Wales) water supply, which was secretly fluoridated without the people being informed or given the chance to protest.
One of our supporters visited Yass on Sunday, July 6 1958 and obtained samples of water at three separate points. These were subsequently analysed by a Sydney (Australia) Biochemist and Bacteriologist, W. H. Black, A.M.T.C. (Chem.) A.R.A.C.I., who found that sample one contained 0.95 parts per million fluoride content, sample three contained 4.75, and sample six, 1.8. Our supporter still holds three indentical samples for control purposes if necessary.
Even the supporters of fluoridation are agreed that water containing the percentage of sodium fluoride contained in sample three would be dangerous to the individual. We will await with interest their reactions to the tests of Yass water.
The New Times of Australia; August 1, 1958