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So if we regard the
'government', in the sense that it is 'spending' or 'lending' debt-free or
interest-free money to create infrastructure, as a 'producer', (of that
infrastructure), what you are advocating then is a form of 'producer' control of
'credit-creation'? Would that be a fair assumption,
John?
----- Original Message -----
Sent: Monday, October 17, 2005 6:47
AM
Subject: Re: [socialcredit] Re:
Extrapolating A+B Part 1
At 09:11 AM
19/09/2005 -0700, Bill Ryan wrote: ....
The socialist expresses his
utter contempt for the
monetary reformer who says abolish interest
only,
for the socialist more correctly recognizes, if
only
slightly, that interest is merely a subcategory
of
profit. .... It is mischievously incorrect and misleading to
characterize monetary reformers as people who
wish to abolish
interest. Those who support debt-
free or interest-free money do not
necessarily
advocate the abolition of interest. -- JH
How can they support
'debt-free' or 'interest-free'
money other than in the manner of the
Social Credit
'consumer' distributions and not advocate the
abolition
of interest? Joe.
[Response] If
all money - both fiat money and legal
tender - were to be created by
government rather than
by private financial institutions, then the latter
would
be obliged to act as true intermediaries. That is, they
would
operate by attracting deposits at a given rate of
interest and loaning the
money out at a higher rate of
interest, deriving income from the margin
(it seems that
some bankers would like you to believe they are doing
this already). The money would be "interest free" if
initially loaned
into existence by a government agency
- free of interest - for funding
capital works, public
infrastructure, environmental projects, etc. etc.
And the
money would be "debt-free" if simply spent into the
economy by
a suitable government agency. Changes
to the mix of government-created
money and bank-
created money would obviously require tightening of the
financial regulatory requirements in order to keep a lid
on
inflation. --
JH
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