Page 6 - Reflexions of African Bishops and Priests
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        body, the National Credit Office.                        In order to understand the feasibility of the
            The National Credit Office registers the statis-  monetary system advocated by Social Credit, one
        tics of production and consumption and acts ac-      must not lose sight of the fact that the world has
        cording to facts in issuing money so that all of pro-  entered into an era of abundance; that, if there
        duction might be sold, if it answers true needs. The   are poor people, it is not because of the rich and
        NCO enjoys all the powers it needs to attain this    wealthy, but because abundance is not distributed.
        end. It answers to the nation.                       There is no need to take away from the rich in or-
            The technique set forth to reach the two ends    der to give to the poor; we simply need to instill
                                                             technology into the monetary system. We cannot
        of Social Credit — equilibrium between prices and    be contented by saying that money is made for
        purchasing power, and the doing away with pov-       man. We need to establish a system that truly puts
        erty —consists in distributing new money using       money at the service of man, of all men. v
        two methods: the compensated discount and the
        dividend.                                                                                                   Louis Even
                  The compensated discount

            The  compensated  discount’s  goal  is  aimed
        at making prices and purchasing power equal to
        one another. Money would be created and distrib-
        uted without creating inflation. The money from
        the compensated discount finances a reduction of
        prices in favour of the consumer.
            If the  available production is  $12 billion and
        the purchasing power in front of it adds up only
        to $9 billion, the National Credit Office decrees a
        25 percent reduction on all prices, a discount on
        all products at the time they are sold to the con-
        sumer.  This  serves  to  reduce  prices  to  the  level
        of purchasing power. The discount is compensat-
        ed to the retailer, that is to say, the Credit Office
        gives him the money he lost when he granted his
        customers a  discount. This money  is created  by
        the  Credit  Office  the  exact  same  way  that  banks
        create money today. This new money favours the
        consumer, provided he buys something; it goes
        to the  retailer provided the  sale  was  made. This
        is money which allows production to be sold by
        lowering prices. This satisfies everyone: the buyer,
        the retailer and the producer who is only too glad
        to sell his products.
                     The national dividend

            The national dividend, as its name implies, is
        the distribution of a dividend, of a sum of money
        representing a surplus or the revenue from a cap-
        ital, to all members of society — therefore to each
        man, woman and child in Canada.
            This dividend is based on the existence of the
        cultural heritage, or social capital which belongs to
        everyone, capital consisting of the discoveries and
        inventions of science. The part this capital plays
        in production is increasing, while the part played
        by human labour is decreasing. Labour needs to
        be rewarded, but so does capital, even social cap-
        ital. We are all heirs of generations past, all capital-  A statue in front of our headquarters in Rougemont:
        ists, and everyone has a right to a dividend large     Homage to Louis Even, great benefactor of mankind
        enough to shield himself from poverty.                        (1885-1974), founder of “Michael”

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