Let us imagine for one moment about a powerful person who speaks to the whole world. Where this person lives is not relevant, since he does not want to be seen; he only wants to be obeyed, and he lets everyone know that he can break any resistance to his will.
“All powers are in my hands,” this person says. “I don’t have any army or police force, and I don’t need them. I am neither a head of State, nor a minister. I let you people amuse yourselves periodically with these political games, in order to choose people who will hold these functions. Your choice doesn’t bother me.
“With your researchers, inventors, and skills, you have the means to produce in plenty all that is needed to satisfy the basic needs of every human being on earth, but all of this potential remains submitted to my power to permit or to forbid, to activate or to stop any production.
“I am truly ALL powerful. People, nations, or organizations can possess the physical means to produce, but nothing will be done if I do not permit it. In the past, I stopped all production for years, right in clear sight of the millions of starving people. Other times I allowed, with a stroke of my pen (Editor’s note: now clicks on a computer) ruinous wars that killed millions of people. I can also cause millions of workers to be out of work, when there are plenty of useful projects that could be realized.
“To me, heads of State and ministers are really stupid, since they perceive they are not able to dig a trench in their own countries, with a mechanical digger that belongs to them, operated by one of their citizens who wants work, before having received the permission from one of my offices. All political leaders think they are somebody, but actually they are all my slaves; I control them all! They can do nothing without my permission, and they have to levy taxes on their nationals to pay me for this permission. I have become more and more their undisputed master.”
It is pointless to continue this tale, since the International Financiers never speak out so frankly; they never unveil their dictatorship. They prefer to let the politicians talk and show off. As for the Financiers, they content themselves with giving orders, with handling billions of dollars, which carries much more power than ballot papers.
This is only a tale, but the facts, which are more known through their effects than through their description, are even more dreadful than this tale. It is this dictatorship that Pope Pius XI denounced in his Encyclical Letter Quadragesimo Anno, accusing small groups of International Financiers of making the whole of economic life “hard, cruel and relentless in a ghastly measure.”
Pius XI said that this accumulation of massive power rests with the controllers of money and financial credit:
“This power becomes particularly irresistible when exercised by those who, because they hold and control money, are able also to govern credit and determine its allotment, for that reason supplying so to speak, the lifeblood to the entire economic body, and grasping, as it were, in their hands the very soul of production, so that no one dare breathe against their will.”
As for the power that rests with governments, the Pope wrote, in the same Encyclical:
“The State which should be the supreme arbiter, ruling in kingly fashion far above all party contention, intent only upon justice and the common good, has become instead a slave, bound over to the service of human passion and greed.”
This Encyclical was written in 1931, but the powers of the financial dictatorship have only become all the more entrenched since it is the financial credit that commands, that gives orders to the real credit. The increasing concentration of financial credit in the hands of a few money “creators” permits the command of huge industrial firms, with vast networks of branch offices and subsidiaries around the globe. Into these millions of workers rush every day, having to leave their personalities (and sometimes their conscience) at the entrance.
One of Douglas’ three financial proposals, which summarized his concept of a sound financial system, would decentralize the monopoly of credit from this handful of international financiers and their economic system of robot-like workers. This proposal reads as follows: “All new production must be financed by new credits”.
The credits required to finance production and distribution would be drawn from this source: the country’s financial credit, based upon the country’s immense real credit.
This would not require any upheaval within the established structures. Private enterprises would remain private enterprises. Even the banks could remain private enterprises. It is through them that financial credit would be channelled for its issue and be returned to the source.