Concerned with Policy

There is nothing wrong with modern money being mostly bookkeeping, figures in a ledger moving from one credit to another.

It is also an improvement on old methods, money being created by just a stroke of a pen.

We would not even worry much about who holds the pen, who creates money, as long as creation and cancellation of money reflect truly the facts of production and destruction of wealth, and as long as the operation has no other aim but the service of the community.

Policy, not technique, is what directly concerns the citizens in the functioning of finance.

And what is meant here by the word "policy"?

“Policy is a course of action designed to secure a particular result.” It has to do with the end aimed at, and with the direction of means toward that end.

When, following the declaration of war in 1939, the Canadian Government had the chartered banks create 200 millions dollars to finance the war effort, the Minister of Finance, Mr. Ilsley, explained the why of this procedure:

« We had unemployed men. We had undeveloped resources. We have created this new money to put the unemployed to work and to develop our resources in order to expand our war effort as rapidly as possible. »

This was a statement of policy: The aim: to expand the war effort as rapidly as possible; the action taken in view of that aim: to take advantage of the unemployed and of the undeveloped resources; the means: the creation of new money.

But, then, what was the financial policy all through the depression years? The same Government was there. The same banks. The same unemployed. The same undeveloped resources.

The same financial mechanism can then be made to produce diametrically different results. All depends on its policy.

The control of the policy is the all-important thing.

If the policy is controlled by a group of international financiers, our life will be what this junta will want it to be.

If the Government controls the policy, our life will be what the Government will want it to be.

If we are to be the masters of our own life then, we must, as individuals, be put in a position to control the policy of the financial system.

By its dividends to all, Social Credit would place each individual in control of part of the financial credit, enabling him to order what he desires from the real credit, from the potential production of his country.

Social Credit challenges the policy of the tyrant, whether the tyrant be a financial power, or a political power, or an association of the two.