What is truth?

Summarie of Social Credit


This is one of the best summaries of Social Credit I have ever read. I received it today from Wallace Klinck.
Kind regards,
Ladies & Gentlemen,

I have received an enquiry from Stephen Goodson, a South African politician, author and former non-executive director of the South African Reserve Bank and have replied accordingly:

“Dear Stephen,

“Thanks for your message and enquiry.  I possess a number of photos of C. H. Douglas and will attach some which might be appropriate to your needs.  If you have a problem with any of them I do have editing programs which can enhance photographs in various ways.

“With regard to Douglas and Social Credit, I would emphasize that Douglas’s policy was to build up from the individual and not down from the State.  He was opposed to placing the creation of credit solely in the hands of the State, saying that this would ensconce the power-centralizing policy of the Money Power in an almost impregnable fortress.  His intent was to break the monopoly of credit by assigning to the State the responsibility of constructing a National (real) Credit Account of its actual or real resources or productive assets which if used might produce price-values.  This would be an accounting of the nation’s real credit or potential ability to deliver goods and services.  The NCA would be constantly augmented by the value of all new real capital assets.  The State would be responsible for statistically determining the periodic deficiency of available consumer purchasing-power and providing additional consumer credit (drawn down from this National Credit Account) in the form of National Dividends paid to all citizens as an inalienable birthright and payments to retailers on condition that they reduce their prices at point of sale (i.e., establish Compensated Prices) in accordance with a variable ratio determined by the changing relationship between national consumption and production, representing the real as opposed to the financial costs of production.

“The new “debt-free” consumer credits would replace the vast amount of bank-issued consumer credits created currently.  These new credits would pass back through the price-system and be cancelled as available purchasing-power in the usual way.  They would not, however, leave a trail of inflationary financial debt as a mortgage against future production cycles.  Upon being spent they would allow industry fully to recover its financial costs and permanently liquidate these costs without carrying them forward as outstanding debt as is currently practiced.  There would be no macroeconomic or overall need for consumer debt whatsoever.  When any manufactured good is completed the physical costs of the process have fully been met and the financial system should reflect this irrefutable fact.  Douglas was irrevocably opposed to any government policy of promoting human employment and sought a consumer-motivated economy which operates at maximum efficiency by displacing human energy as a factor of production by the utmost implementation of automation, robotization and artificial intelligence.  Social Credit stands for a genuinely consumer-motivated economy and for maximized leisure.  It’s policy is the decentralization of control of policy to individuals and is, therefore, opposed to institutionalized “Statism” of any kind, such as fascism, communism, socialism, Technocracy, Keynesian centralized credit administration, etc.  I am attaching in PDF format a letter which Douglas sent to Hitler warning him of the catastrophe he risked precipitating through the National Socialist rigid Puritanical adherence to a policy of “full-employment.”

Wally Klinck”

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