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Subject:Re: [socialcredit] the reality?
Date:Wednesday, November 17, 2004  09:47:54 (-0800)
From:william_b_ryan <william_b_ryan @.....com>
In reply to:Message 299 (written by Jessop Sutton)

This is about the first statement about banks and the
money-creation process that this hard-to-convince
sceptic can agree with. Provided we understand that
the borrower's note or negotiable security does
include anything from assets that retain (or grow in)
value such as landed property, to a trust in the
borrower' potential to produce saleable goods or to
otherwise obtain income. The sum-total of all credit
will always be less than the values of the underlying
bonded properties or earning/production-potential.
But the "earning/production-potential" can be simply
an idea and not anything tangible.  To implement an
idea it is not necessary for any member of society to
withhold consumption or to save so that others may
borrow.  It has not been necessary since the
invention of tally sticks, with the stock going to
the creditor and stub going to debtor.  That is the
invention that evolved into modern banking.  The
availability of financial credit enables the
entrepreneur to organize the already existing (or
discoverable) factors of production into their more
productive combination, as ultimately judged by final
consumers in free markets, which is what we mean by
economic democracy.  The informational feedback
mechanism is profit-loss.  The entrepreneur and his
financier share in the profit, with the portion going
to the financier named "interest" but could be called
anything you want to call it.  The result is
increased wealth for the community at large than
would otherwise be the case.

That is at any rate the ideal.  The social credit
adjustment mechanisms (dividend and discount) are
intended to help attain that ideal, by correcting
what it perceives as flaws in the system of national
accountancy.  The government would regulate not
administer banking nor get into the banking business.

I direct your attention to what Douglas said in one
of his earliest addresses:

"But the essential point in the position of banks,
which is so hard to explain, and which is grasped by
so very few people, is that their true assets are not
represented by anything actual at all, but are
represented by the difference between a society
functioning under centralised and restricted credit
and a free society unfettered by financial
restrictions.  To bring that perhaps somewhat vague
generalisation into a more concrete form, the true
assets of banks collectively consist of the
difference between the total amount of legal tender,
or Government money, which exists, and the total
amount of bank credit money, not only which does
exist, but which might exist, and which is kept out
of existence by the fiat of the banking executive."

On Tuesday 16 Nov 2004 6:26 pm, william_b_ryan@yahoo.com wrote:
> [REPLY] The borrowers together with the banks
> participate cooperatively in the "money creation"
> process.  The borrower has exchanged his note or
> negotiable security for the banker's notes in the
> modern form of bank deposits transferable by check or
> electronically. Effectively, the banker is endorsing
> borrower's note, making him personally liable if the
> borrower defaults.  The function of banking is to
> thereby make "fungible" the individualized credit of
> market transactors, without which the system of free
> enterprise could not exist.

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