Some readers of MICHAEL's articles on the financial reform of Economic Democracy might think : "That sounds good, but these ideas were written many years ago. Mr. Even passed away 50 years ago—surely his writings are outdated and no longer applicable. Things have changed and evolved since then."
Yes, things have changed—but for the worse. The very problems that Louis Even denounced in his time, and even those raised by Scottish engineer Clifford Hugh Douglas in the 1920s, still persist today—only more acutely. This is precisely why the solution of Economic Democracy, as proposed by Douglas and Louis Even, and now championed by MICHAEL, is more relevant and necessary than ever. Consider the major issues dominating today's headlines : environmental pollution, the housing crisis, inflation, insufficient resources for school repairs—all of these problems are fundamentally tied to money.
Douglas and Louis Even warned of the dangers of debt, a problem that was already severe in their time but has only worsened year after year. They also spoke about automation replacing workers—an issue that has escalated dramatically with the rapid advancement of artificial intelligence (AI), which now threatens to eliminate countless jobs.
In fact, this edition of MICHAEL features a special report (pages 8-16) on AI, a technology hailed by some as the greatest revolution in history, while others fear it poses a dire threat to humanity's future. As AI increasingly integrates into all sectors of human activity, it is crucial to examine this issue in depth. Even Pope Francis and the Vatican have recently issued warnings about its potential dangers.
Another significant shift since 2020 is the changing meaning of the term "social credit." Originally referring to the financial reforms advocated by Douglas and Louis Even, the phrase is now associated with a system of scoring and control used in Communist China. For this reason, we now prefer to use the term Economic Democracy to describe Douglas's financial proposals (see page 5).
MICHAEL has consistently explained that the fundamental flaw of the current financial system is that money is created as debt by commercial banks, issued only as loans that must be repaid with interest. This creates a twofold injustice : first, charging interest on money that dœs not exist, and second, allowing bankers to act as the owners of money they merely lend, even though its value is based on the nation's production—stemming from natural resources, innovation, and the labor of all workers, rather than the labor of bankers who simply generate figures.
Money, in essence, is just a number that facilitates the utilization of a country's productive capacity. It is not a commodity, nor is it real wealth (no one eats money) ; it is merely a sign, a symbol that grants access to tangible goods such as food, clothing, and housing. Wealth consists of goods and services, while money is simply the symbol that grants the right to them.
During Douglas and Louis Even's time, money existed in two primary forms : paper currency and checks. Today, thanks to technological advancements, we have a new form : electronic or digital money, which exists solely as signals on a chip, whether in a bank card or a smartphone. Yet, despite this shift, it remains a mere number—a symbol reduced to its simplest form, with no physical medium.
In a 1979 booklet titled Releasing Reality, Australian Social Crediter Eric Butler wrote : "Irrespective of what form it takes, money is but a man-made symbol of no value unless real wealth is created. Just so long as sufficient people can be mesmerized into believing that, for example, a credit symbol is more important than a pound of butter, they are at the mercy of those who create and control the symbols. The shadow is more important than the substance !"
Money should be a tool serving humanity, adjusted to the realities of human needs and goods and services. Yet, international bankers have turned it into an instrument of domination, forcing people to adapt to it instead. The problem is not money itself but the mistaken belief that it represents actual wealth rather than being a mere numerical representation of it. As St. Paul wrote in his letter to Timothy, "The love of money is the root of all evil" (1 Timothy 6 :10).
The root of this evil lies in treating money as an end rather than a means, as a reality rather than a symbol. Factories are relocated to countries with lower labor costs—not for human well-being, but for financial gain. Products are deliberately designed to break down quickly (planned obsolescence)—all for profit. The environment is polluted at the expense of public health because cleaner alternatives are deemed too costly—again, a question of money.
Saint Thomas Aquinas (see pages 19-26) remains one of history's greatest minds, whose logic we would do well to embrace. In his Summa Theologica, he warned that turning a means into an end is a mortal sin. He defined justice as "the constant and firm will to give their due to God and neighbor" (Catechism of the Catholic Church, n. 1807). He further distinguished between justice owed to God—known as the "virtue of religion" (adoring, knowing, loving, and serving Him)—and justice owed to fellow humans. MICHAEL upholds that every person is entitled to a dividend, based on the shared inheritance of natural wealth and technological progress passed down from previous generations. This dividend should be financed not through taxation, but through newly created, interest-free money issued by the nation's central bank.
Why, then, do we criticize high finance and the banking system ? Because all of society's major ills stem from the financial system. Louis Even explains this further in the following article. Enjoy your reading !
Alain Pilote, Editor
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