| Subject: | Re: [socialcredit] usury et al | | Date: | Tuesday, August 23, 2005 08:10:19 (-0700) | | From: | William B. Ryan <w_b_ryan @.....com>
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| In reply to: | Message 2540 (written by Triumphofthepast) |
"When the banking system acts as a public agent in its
money-creating function, then I am thinking it will
want to act more like a partner in production rather
than treating money as a commodity by lending it at
interest."
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It's not that interest treats money as a commodity,
it's the orthodox theory in its "medium of exchange"
argument that treats money as a commodity. The
argument leads to, or rationalizes, inappropriate
policy decisions.
The institution of fractional reserve banking evolved
contemporaneously to insurance companies and joint
stock commercial corporations.
They are in fact variations on a common theme: the
pooling of resources and the sharing of risks--the
very essence of cooperative behavior.
From this perspective interest is an insurance
premium.
-
--- Triumphofthepast@aol.com wrote:
"Can you provide any quote from Douglas that indicates
he thought [usury] was irrelevant? . . . Can you
provide any quote also that shows he accepted that
banks should continue to create ( monopolise) the
communities credit, as you infer they should? Also
please provide any quote from Douglas that infers that
the National Dividend will counter the effects of the
exponential growth of debt as you suggest it should."
(Peter)
I can't tell you exactly where to find these quotes,
but Douglas did say once that usury is not the point,
and beyond that, he doesn't think it important enough
to write about. At the very least, it is but the tip
of the iceberg when compared to the "charge for use"
in PRICES -- the fact that to buy the shirt you have
to rent the factory.
He also said that if the central bank is private,
there is no need to nationalize it. It WILL be forced
to act as a public agent in its money-creating
function. IF individual private banks continue to
create money, they, too, will be forced to act as
public agents in that respect.
When the banking system acts as a public agent in its
money-creating function, then I am thinking it will
want to act more like a partner in production rather
than treating money as a commodity by lending it at
interest.
Since the national dividend will be sufficient to
liquidate all costs of production, then by definition
it will prevent the growth of debt. In other words,
if interest is charged, you will also give people the
money to pay it.
Michael
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