| Subject: | Re: [socialcredit] CFEPS -- Write off loans? | | Date: | Wednesday, September 1, 2004 18:43:15 (+0200) | | From: | Jessop Sutton <sutton @...........za>
|
Thanks, Bill. This allows me the leeway I need. Though I can understand it, I
feel uneasy with the suggestion that, in thinking in terms of Social Credit,
one needs to set aside conventional double entry bookkeeping. If I can be
allowed to see the Reserve Bank (Central Bank) as integral with the
commercial banking sector, then it can be allowed to create a deposit for the
Treasury to draw on and it can, with equal facility, write the amount off
when authorised to do so by the 'owners' of the debt, namely the citizens
through the agency of the elected representatives.
I think this of mine should be the answer to Joe's e-mail as well.
Jessop.
--------------------------
On Tuesday 31 Aug 2004 5:04 pm, william_b_ryan@yahoo.com wrote:
> The point is that if A+B is valid, debt accruing to
> the banks will never amortize ("self liquidate") but
> must inevitably compound.
> The compounding element of the debt can be shifted
> about like in a game of musical chairs. The
> municipalities could of course increase the rate of
> taxation in the attempt to amortize their debt--which
> would have the effect of shifting the debt to final
> consumers. Or, the federal government could directly
> assume the debt, or increase its deficit spending,
> which would tend to offset the public's or the
> municipalities' debt.
> But increasing spending by the municipalities or the
> federal government is the very antithesis of limited
> government in a market economy. So the economy
> becomes increasingly "socialist" regardless whether
> "governed" by the "right" or the "left."
> But the banks could in principle "write off" the
> compounding element of the debt, which is what Social
> Credit proposes through the mechanisms of the
> consumers' dividend and retail discount.
>
>
> Jessop Sutton <sutton@kingsley.co.za> wrote:Joe
> Thanks. I may come back further on this subject, but first I am interested
> in knowing Bill's view on this as well. He holds it out as one of the
> alternatives. Bill wrote: " . . . . .or having that debt assumed by the
> federal government or written off".
>
> Could you explain further, Bill?
>
> Jessop.
> ====================
>
> On Friday 27 Aug 2004 5:17 pm, Joe Thomson wrote:
> > Does not the issuance of money as a 'loan' as per Q 10 and 11, even one
> > that will be 'written-off', imply that the lender still has a 'control'
> > over the borrower? That the 'writing-off' of these 'loans' is technically
> > still at the option of the RBof SA? Why does the Reserve Bank of SA have
> > to 'lend' the Government of SA the amount of the dividend and discount
> > payouts? Would it not be more appropriate to view these as 'adjusting
> > entries' in the nation's accounts? Ones necessary to make the 'balance
> > sheet' of 'South Africa, Inc.' properly balance.?
> >
> > Joe
> >
> > ----- Original Message -----
> > From: "Jessop Sutton"
> > To:
> > Sent: Thursday, August 26, 2004 9:18 AM
> > Subject: Re: [socialcredit] CFEPS -- Write off loans?
> >
> > > On Wednesday 25 Aug 2004 6:23 pm, william_b_ryan@yahoo.com wrote:
> > > > More germane is that the
> > > > legislation requires the full repayment of principal
> > > > by the municipalities, which is not possible assuming
> > > > the validity of A+B. They could do so only through
> > > > piling on debt through further loans, or having that
> > > > debt assumed by the federal government or written
> > > > off.
> > >
> > > ================================
>
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