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The following post was sent from New Zealand, part of a discussion on
Social Credit with some of the people below I've been engaged in . I
do not have the time to reply to it myself at present, and probably couldn't do
it justice anyways. Perhaps some others on the List would care to comment
on the points Mr. Manning raises?
Joe
----- Original Message -----
Sent: Monday, January 03, 2005 1:52 PM
Subject: Re: PRO-BANK DISINFORMATION
The way I see it, Social Credit means public
ownership of money instead of renting its use through interest bearing
loans.
In NZ the interest on our total debt (around
$70,000 per capita) is the unearned income that goes to net depositors,
private banks and their shareholders.
It passes very quickly
into the investment pool which is increasing at more than $15b
per year in NZ (about 11% of GDP) despite historically modest
interest rates. Most of the investment pool is
speculative.
That's the public cost of
interest, the driving force of the
private for-profit financial system. Very poor distribution of
wealth and extremely inefficient resource allocation.
Moreover, in NZ such growth as
there is also goes directly to the investment sector in the form of
dividends and profits.
Ordinary people (wage and salary earners)
have had little or nothing extra in real terms for decades.
Interest and growth feed expectations in the
investment markets.
That's why consumer and household debt
is rising so fast - there's no other way ordinary peple can
even pretend a little bit of prosperity.
Without the pretence (created by ever more
deceptive marketing and advertising) consumption will collapse and
the economy will crumple into a pile of dust.
There can no economic
democracy while we borrow the use of private money though
interest bearing
debt. So there can be no individual
freedom. And no economic "success" for the nation.
Period.
Private interest, irrespective of other
policies like National Dividend (one form of public
money) is truly Mankind's most pressing problem.
And National Dividend cannot be
sustained unless private issue of money for profit is
regulated, reduced
and eventually eliminated.
Regards,
Lowell Manning
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