Page 14 - Reflexions of African Bishops and Priests

Social Credit Puts Money in its Proper Place

by Louis Even Today, we see that the contrary is true. We must
conclude that the financial system rules over men,
Production Can Be Financed Automatically instead of men ruling over their money system.
Currently, when the availability of money is Since money is nothing more than engraved
restricted or non-existent, production stops even or printed numbers entered into a bank-book, it is
when the population’s needs are urgent. Produc- senseless, and even criminal, for families to become
tion workers are laid off. Local governments can- homeless, and towns to be without public utilities
cel projects, even when all the required manpower ,simply because of an absence of such numbers.
and materials are available. Even when families are
without shelter, and skilled tradesmen are without
work, construction slows down or stops because of
a shortage of money.
Social Credit radically alters the perspective by Money must
challenging the notion that social priorities are sub- become an
ordinate to the hegemony of finance. We say that instrument
production must not be restricted because money
is not available. We say that money must be issued of service,
in direct relation to potential and actual production. rather than
Products are tangible, such as food, clothing, a tool of
shelter, shoes and modes of transportation. Produc- poverty,
tion also includes infrastructure such as water sys-
tems, sewers, streets, sidewalks, schools, hospitals slavery and
and churches. debt
Yet money is an abstraction; it is not tangible. It
is only numbers on a coin or on a rectangular piece
of paper, or entries in a bank book. Without excep-
tion, these numbers are accepted as means of pay-
ment for tangible things.
If one wants production to go ahead, these num-
bers on coins, paper and bank books must be issued
according to product availability. It is wrong that
access to products is affected by coins, paper and
bank-book entries.
If society lacked workers and materials, it would
be understandable for production to stop. But it is
unacceptable that workers and materials are im-
mobilized because of money in a society comprised
of intelligent human beings.
Money is a Servant
Social Credit asks us to think in terms of reality, A Sound Financial System
and it refutes the belief that money and the banking
system are “sacred” and above reproach. It makes Under a Social Credit system, all new produc-
money a simple servant of society, and no longer a tion would be financed by new credit, and no longer
master and a god that dictates, permits, or forbids. by credit that was issued for past production. Credit
would be issued at the rate production takes place,
Social Credit maintains that all that is physic- withdrawn and cancelled at the rate it is consumed.
ally possible, and legitimately required, must be
In other words, the money system would func-
made accessible by the financial system. tion as a bookkeeping system that was accurate and
If it is physically possible to build houses, roads consistent with the facts of production and consump-
and aqueducts, it must be made financially possible tion. Bookkeepers would ensure that money was
to pay for the work and materials needed to build issued for production, and was withdrawn at the rate
these assets. of consumption, in a logical and coherent manner.

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