| Subject: | Re: [socialcredit] Re: more on -- typo in para eight (and three): Wally quoting Douglas | | Date: | Tuesday, July 27, 2004 02:45:24 (-0600) | | From: | Wallace M. Klinck <wmklinck @....ca>
|
Thanks Bill for the corrections and elaboration. I give the following
quotation from Douglas in "The Monopoly of Credit", pp. 16 and 17 (as
recorded in Mairet's "The Douglas Manual") and emphasize in capital letters
passages upon which you might care to comment:
After discussing the "Mechanism of Credit Creation", Douglas states:
"...it is absolutely correct to say that 100 pounds of new money has been
created by a stroke of banker's pen.
"Depositor No. 10 having happily obtained his overdraft, pays it out to his
empoyees in wages and salaries. These wages and salaries, TOGETHER WITH THE
BANKERS INTEREST, all go into costs. All costs go into the price the public
pays for its goods, and consequently, when depostior No. 10 repays his
banker with 102 pounds obtained from the public in exchange for his goods,
and THE BANKER, AFTER PLACING 2 POUNDS, ORIGINALLY CREATED BY HIMSELF, TO
HIS PROFIT AND LOSS ACCOUNT, sets the 100 pounds received against the
phantom credit previously created, and cancels both of them, there are 100
pounds worth more goods in the world which are immobilized--of which no one,
not even the banker, except potentially, has the money equivalent."
Sincerely
Wally
----- Original Message -----
From: <william_b_ryan@yahoo.com>
To: <socialcredit@elistas.com>
Sent: Monday, July 26, 2004 5:40 PM
Subject: Re: [socialcredit] Re: more on -- typo in para eight (and three)
> I think you and Wally are correct. It was an inept
> effort, grammatically too.
>
> The point is that there are two recurrent loans, for
> five dollars each, spread six months apart, year
> after year. The employees draw incomes equal to $10
> per year. But the banker and the entrepreneur
> collect interest and profit in the amount of $2 per
> year. It would seem that 10 must equal 12, a paradox
> or impossibility. But it is merely a subtle though
> trivial fallacy. The monetary cranks count the same
> quantity of money twice.
>
> We think of interest and profit as being the
> "residual," after something is "paid" back. In
> reality, interest and profit represent income
> transferred from employees to bankers and
> entrepreneurs, in payment for financial and
> entrepreneurial services.
>
>
>
> --- Joe Thomson <thomsonhiyu@shaw.ca> wrote:
> > Also in paragraph three. You've got the second
> > loan, the one at
> > 'T-one/half', at 5% interest instead of 10%. While
> > the math won't come out
> > properly that way, anybody reading should still be
> > able to see what you're
> > getting at. It's a very good explanation. Thanks.
> >
> > Joe
> > ----- Original Message -----
> > From: "Wallace" <wmklinck@shaw.ca>
> > To: <socialcredit@elistas.com>
> > Sent: Sunday, July 25, 2004 11:03 PM
> > Subject: [socialcredit] Re: more on -- typo in para
> > eight
> >
> >
> > > Bill, I believe that in paragraph eight there is a
> > typo. I believe that
> > you
> > > meant 50 [cents] in the pockets of the banker. --
> > Wally
> > >
> > > <william_b_ryan@yahoo.com> wrote:
> [snipped]
>
>
>
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