| Subject: | Re: [socialcredit] "Funny Money" ~ Joe replies to Ken | | Date: | Saturday, April 8, 2006 19:34:00 (+0100) | | From: | Kenneth Palmerton <kenpalmerton @................uk>
|
In-Reply-To: <000201c65ad0$544bf7c0$bad44246@cc.shawcable.net>
Hi Joe.
I have neither the knowledge or the inclination to mount a defence of what
Aberhart knew, or did not know. But I do question your understanding of
the world at large Joe. Social Credit, for all its benefits, is NOT the
only show in town.
People in their communities have been battling with monetary problems for
Millennia. With varying degrees of success or failure.
I seriously question your understanding of Gessel for one, and I am not
holding him up as the ultimate Guru either.
You use the word "scrip". You must be aware of the very many examples from
your own continent of communities resorting to such devices, from the
Maryland issues of the 1700s onwards at least. To refer to the stamp
required to maintain the purchasing power of the note as a "tax" is
showing that ignorance I complained of.
The function was to keep the purchasing power circulating, and that it
certainly did, for that, under the circumstances that it was created,
hoarding was one of the foreseen problems.
Keep an open mind and take off the blinkers, please Joe. Or you will for
ever be bumping into lamp posts :-)))
Ken.
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Date: Fri, 07 Apr 2006 22:50:23 -0700
From: thomsonhiyu <thomsonhiyu@shaw.ca>
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Subject: [socialcredit] "Funny Money" ~ Joe replies to Ken
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=20
=20
(Ken wrote:- ) Aberhart may well have attracted ridicule from the
ignorant, or the discomforted for his stamped money.
but the citizens of Worgle in Austria, and
Shwanenkirchen in Bavaria most certainly did not.=20
=20
The effects of their enlightened actions were there
for all to see. In fact so successful were they that
it drew down the wrath of their respective Central
(Private ) banks, as a contravention of their monopoly
rights :-(((
------------------------------------------------------------------------
------------------
=20
(Joe replies:- ) Aberhart, and political party =91Social Credit=92
everywhere, attracted lasting ridicule for imposing that =93Gesellist=94
based ideology. Which has precious little in common with =91real=92 =
Social
Credit. And that well-deserved ridicule came from people who were far
from =91ignorant=92, or ones, (bankers), supposedly =91discomforted=92 =
in the
manner you infer, Ken.=20
=20
If anything is clear, that whole episode is a perfect demonstration of
the folly of any =91politician=92 elected to =91represent=92 the =
=91common will=92
believing he has been selected for his =91uncommon intelligence=92 in
deciding what detailed =91technique=92 could best be used to achieve an
objective. Rather than concentrating on his proper purview, clearly
describing the =91results=92 that are desired by his constituents.
=91Technique=92 is for the =91tecnician=92. =20
=20
Especially when the =91elected politician=92 can generally demonstrate
neither the technical training nor detail knowledge necessary to
determine the =91means=92 to the desired =91end=92. Additionally, in the =
case of
Premier Aberhart, there is little doubt he initially understood neither
the =91philosophy=92 nor the =91principles=92 behind the =91policy=92 =
called =91social
credit=92. =20
=20
It is believed that Aberhart, on becoming Alberta Premier, and after
failing to avail himself almost completely of Douglas=92s many
recommendations and advice; details the =93Government=94 of Alberta had
hired him as =93Chief Reconstruction Advisor=94 to provide, (to the =
point
where Douglas sought early release from the two year contract retaining
his services), was influenced by the earlier, seemingly successful issue
of =91scrip=92 by the town of Raymond, as a temporary =91cure=92 for the =
then
prevailing shortage of =91money=92. And later, the additional hired =
advice
of a =91Gesellist=92, E S. Woodward, induced him to go the =91Prosperity
Certificate=92 route. =20
=20
The Alberta town of Raymond, initially in an effort to keep their school
open in the cash-strapped days of the Depression when its residents
couldn=92t pay their taxes, resorted to issuing =91scrip=92. This local
=91paper=92 came to serve the same purpose of the then unavailable
=91banknotes=92 comprising official Canadian currency. But only because =
the
whole town was willing to =91accept=92 this scrip as a Canadian =
=91money=92
substitute. Taxes to the Town itself, and municipal water bills, could
be paid in it. =20
=20
And those working for that municipality, teachers, etc., would =
=91accept=92
it as their wages. (Rather than being laid off, and getting nothing.)
Local commerce, which would have otherwise been more seriously impacted
by the nation wide =91contraction of credit=92 still manifesting itself =
in a
local =91cash=92 shortage, was able to carry on using this =91scrip=92. =
Which
was always =91backed=92 by local =91goods and services=92. The entire =
scheme
rested on the =91faith=92 Raymond=92s residents had that they could =
overcome
their problems. Aberhart came to believe this success could be emulated
on a larger scale, to restore =91trade=92 in the Province as a whole,
=91backed=92 by its =91resources=92. All it took was =91faith=92.
=20
But the =91faith=92 that worked in Raymond on a limited, local basis =
was
not so certain to work on a larger scale. In a more complex, broader
economy. The Alberta Government was basically =91broke=92; it had no
accumulated =91foreign (Canadian, or any other national) exchange
reserves=92 to purchase imports; there was no indication the Banks would
accept =91Provincial=92 scrip, (especially after the Aberhart Government =
had
already defaulted on Provincial bonds), and there was no indication any
=91wholesalers=92 bringing in goods from out-of-Province would accept it
either. =20
=20
Douglas had earlier advised how the prevailing shortage of money in
circulation could be alleviated using a system of =91cheques=92 drawn on =
=91a
creation of credit=92 administered by the Banks in a way that would not
have affected their operations or =91cash reserves=92. While still =
enabling
restoration of adequate =91effective demand=92, and also simultaneously
establishing a very important principle as to the public =91ownership=92 =
of
credit.=20
=20
But Aberhart had obviously not understood the concept, and/or rejected
the underlying importance of it out of hand. Instead, after Douglas had
ceased to issue advice to him (that was seldom followed in any case), he
proposed to issue his Government=92s own =91money=92 in the form of
=91Prosperity Certificates=92. And to ensure this Provincial =
=91scrip=92 would
=91circulate=92 and be used to =91stimulate trade=92, he followed the =
inane
Gesellist proposal of putting a tax on it of 1% per week. Which had to
be paid, if it could be paid, in already short Canadian currency. This
was a necessary expense each week the =91Certificate=92 was held to =
maintain
its =91par value=92, and accomplished by buying another =91stamp=92 each =
week to
affix to it.=20
=20
The =91problems=92 with this proposal should be quite obvious. First, =
there
is no scope using this type of =91disappearing money=92 for any =
=91savings=92 or
=91investment=92. It=92s a =91hot potato=92. It has to be spent =
quickly or it
loses its purchasing power. Hardly a =91cure=92 in any area already
suffering a =91shortage of purchasing power=92.=20
=20
Second, to get any business to =91accept=92 them at all, the =
=91Certificates=92
needed to be =91backed=92 by Canadian currency. For which they could be
exchanged after a certain period had elapsed. =91Resources=92 just =
wouldn=92t
do in the middle of a Depression. =20
=20
Third, the =91Certificates=92 couldn=92t be used to make liquor =
purchases at
Alberta Government Liquor Stores, (virtually ensuring their unpopularity
with a great many who might=92ve been otherwise more favourably disposed
to them!, nor could they be used to pay any Alberta Provincial taxes,
except the sales tax. =20
=20
Fourth, many =91Social Credit=92 Alberta MLAs and Cabinet Ministers were
reluctant to accept them even in =91partial=92 payment of their =
salaries.
(Such a =91public=92 demonstration of =91faith=92 that didn=92t go =
un-noticed!) =20
=20
Fifth, and probably the most serious problem of all, =91consumers=92 =
deeply
resented having to pay the =91stamp tax=92. And who could blame them?
=20
Rather than being the popular precursor to Aberhart=92s more
comprehensive, but apparently also hugely flawed form of =91Alberta=92
Social Credit, well over half the first issue of =93Prosperity
Certificates=94 were cashed in for Canadian currency at the earliest
possible moment. Only a minute fraction were ever re-issued. It was an
ill-conceived, (though no doubt well-intentioned), scheme right from the
start. And has had the lasting effect of making the =91political=92 =
name
=91Social Credit=92 synonomous with =93funny money=94 ever since.=20
=20
=20
=20
=20
=20
=20
---------------------------------------------------------------------
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<body lang=3DEN-CA link=3Dblue vlink=3Dpurple =
style=3D'tab-interval:.5in'>
<div class=3DSection1>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>(Ken
wrote<span class=3DGramE>:-</span> )<span style=3D'mso-spacerun:yes'>=A0
=
</span><span
class=3DSpellE>Aberhart</span> may well have attracted ridicule from =
the<o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><span
class=3DGramE><font size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;
font-family:"Courier New"'>ignorant</span></font></span><font size=3D2
face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>,
or the discomforted for his stamped money.<o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><span
class=3DGramE><font size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;
font-family:"Courier New"'>but</span></font></span><font size=3D2
face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>
the citizens of <span class=3DSpellE>Worgle</span> in =
</span></font><st1:country-region><st1:place><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'>Austria</span></font></st1:place></st1:country-region><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>,
and<o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><span
class=3DSpellE><font size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;
font-family:"Courier New"'>Shwanenkirchen</span></font></span><font =
size=3D2
face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'> in
</span></font><st1:State><st1:place><font size=3D2 face=3D"Courier =
New"><span
style=3D'font-size:10.0pt;font-family:"Courier =
New"'>Bavaria</span></font></st1:place></st1:State><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>
most certainly did not. <o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>The
effects of their enlightened actions were =
there<o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><span
class=3DGramE><font size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;
font-family:"Courier New"'>for</span></font></span><font size=3D2
face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>
all to see. In fact so successful were they =
that<o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><span
class=3DGramE><font size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;
font-family:"Courier New"'>it</span></font></span><font size=3D2
face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>
drew down the wrath of their respective =
Central<o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>(<span
class=3DGramE>Private )</span> banks, as a contravention of their =
monopoly<o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><span
class=3DGramE><font size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;
font-family:"Courier New"'>rights</span></font></span><font size=3D2
face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>
:-(((<o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'>-------------------------------------------------------------------=
-----------------------<o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>(Joe
replies<span class=3DGramE>:-</span> ) <span =
class=3DSpellE>Aberhart</span>, and political
party ‘Social Credit’ everywhere, attracted lasting ridicule =
for imposing
that “<span class=3DSpellE>Gesellist</span>” based ideology. =
<span
class=3DGramE>Which has precious little in common with =
‘real’ Social
Credit.</span><span style=3D'mso-spacerun:yes'>=A0 </span>And that =
well-deserved
ridicule <span class=3DGramE>came <span =
style=3D'mso-spacerun:yes'>=A0</span>from</span>
people who were far from ‘ignorant’, or ones, (bankers), =
supposedly
‘discomforted’ in the manner you infer, Ken. =
<o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>If
anything is clear, that whole episode is a perfect demonstration of the =
folly of
any ‘politician’ elected to ‘represent’ the =
‘common
will’ believing he has been selected for his ‘uncommon =
intelligence’
in deciding what detailed ‘technique’ could best be used to =
achieve
an objective. <span class=3DGramE>Rather than concentrating on his =
proper
purview, clearly describing the ‘results’ that are desired =
by his
constituents.</span><span style=3D'mso-spacerun:yes'>=A0 =
</span>‘Technique’
is for the ‘<span class=3DSpellE>tecnician</span>’.<span
style=3D'mso-spacerun:yes'>=A0 </span><o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>Especially
when the ‘elected politician’ can generally demonstrate =
<span
style=3D'mso-spacerun:yes'>=A0</span>neither the technical training nor =
detail knowledge
necessary to determine the ‘means’ to the desired =
‘end’.
Additionally, in the case of Premier <span =
class=3DSpellE>Aberhart</span>, there
is little doubt he <i style=3D'mso-bidi-font-style:normal'><span
style=3D'font-style:italic;mso-bidi-font-style:normal'>initially</span></=
i>
understood neither the ‘philosophy’ nor the =
‘principles’
behind the ‘policy’ called ‘social credit’. =
<span
style=3D'mso-spacerun:yes'>=A0</span><span =
style=3D'mso-spacerun:yes'>=A0=A0</span><o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>It
is believed that <span class=3DSpellE>Aberhart</span>, on becoming =
Alberta Premier,
and after failing to avail himself almost completely of Douglas’s =
many recommendations
and advice; details the “Government” of Alberta had hired =
him as “Chief
Reconstruction Advisor” to provide, (to the point where Douglas =
sought
early <span style=3D'mso-spacerun:yes'>=A0</span>release from the two =
year contract
retaining his services), was influenced by the earlier, seemingly =
successful
issue of ‘scrip’ by the town of Raymond, as a temporary =
‘cure’
for the then prevailing shortage of ‘money’.<span
style=3D'mso-spacerun:yes'>=A0 </span><span =
style=3D'mso-spacerun:yes'>=A0</span>And
later, the additional hired advice of a ‘<span =
class=3DSpellE>Gesellist</span>’,
E S. Woodward, induced him to go the ‘Prosperity =
Certificate’
route. <span =
style=3D'mso-spacerun:yes'>=A0</span><o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>The
</span></font><st1:State><st1:place><font size=3D2 face=3D"Courier =
New"><span
style=3D'font-size:10.0pt;font-family:"Courier =
New"'>Alberta</span></font></st1:place></st1:State><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>
town of </span></font><st1:City><st1:place><font size=3D2 =
face=3D"Courier New"><span
style=3D'font-size:10.0pt;font-family:"Courier =
New"'>Raymond</span></font></st1:place></st1:City><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>,
initially in an effort to keep their school open in the cash-strapped =
days of
the Depression when its residents couldn’t pay their taxes, =
resorted to
issuing ‘scrip’.<span style=3D'mso-spacerun:yes'>=A0 =
</span>This local ‘paper’
came to serve the same purpose of the then unavailable =
‘banknotes’ comprising
official Canadian currency.<span style=3D'mso-spacerun:yes'>=A0 =
</span>But only because
the whole town was willing to ‘accept’ this scrip as a =
Canadian ‘money’
substitute.<span style=3D'mso-spacerun:yes'>=A0 </span>Taxes to the Town =
itself,
and municipal water bills, could be paid in it. <span
style=3D'mso-spacerun:yes'>=A0</span><o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><span
class=3DGramE><font size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;
font-family:"Courier New"'>And those working for that municipality, =
teachers,
etc., would ‘accept’ it as their =
wages.</span></font></span><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>
<span class=3DGramE>(Rather than being laid off, and getting =
nothing.)</span> Local
commerce, which would have otherwise been more seriously impacted by the =
nation
wide ‘contraction of credit’ still manifesting <span =
class=3DGramE>itself</span>
in a local ‘cash’ shortage, was able to carry on using this =
‘scrip’.
<span class=3DGramE>Which was always ‘backed’ by local =
‘goods
and services’.</span> The entire scheme rested on the =
‘faith’
Raymond’s residents had that they could overcome their =
problems.<span
style=3D'mso-spacerun:yes'>=A0 </span><span =
class=3DSpellE>Aberhart</span> came to
believe this success could be emulated on a larger scale, to restore =
‘trade’
in the Province as a whole, ‘backed’ by its =
‘resources’.<span
style=3D'mso-spacerun:yes'>=A0 </span>All it took was =
‘faith’.<o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>But
the ‘faith’ <span class=3DGramE>that <span
style=3D'mso-spacerun:yes'>=A0</span>worked</span> in Raymond on a =
limited, local
basis was not so certain to work on a larger scale. <span
style=3D'mso-spacerun:yes'>=A0</span><span =
style=3D'mso-spacerun:yes'>=A0</span><span
class=3DGramE>In a more complex, broader economy.</span><span
style=3D'mso-spacerun:yes'>=A0 </span>The Alberta Government was =
basically ‘broke’;
it had no accumulated ‘foreign (Canadian, or any other national) =
exchange
reserves’ to purchase imports; there was no indication the Banks =
would
accept ‘Provincial’ scrip, (especially after the <span
class=3DSpellE>Aberhart</span> Government had already defaulted on =
Provincial
bonds), and there was no indication any ‘wholesalers’ =
bringing in
goods from out-of-Province would accept it either. <span
style=3D'mso-spacerun:yes'>=A0</span><o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>Douglas
had earlier advised how the prevailing shortage of money in circulation =
could
be alleviated using a system of ‘cheques’ drawn on ‘a
creation of credit’ administered by the Banks in a way that would =
not
have affected their operations or ‘cash reserves’. <span
style=3D'mso-spacerun:yes'>=A0</span><span class=3DGramE>While still =
enabling
restoration of adequate ‘effective demand’, and also =
simultaneously
establishing a very important principle as to the public =
‘ownership’
of credit.</span> <o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>But
<span class=3DSpellE>Aberhart</span> had obviously not understood the =
concept, and/or
rejected the underlying importance of it out of hand.<span
style=3D'mso-spacerun:yes'>=A0 </span>Instead, after =
</span></font><st1:place><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'>Douglas</span></font></st1:place><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>
had ceased to issue advice to him (that was seldom followed in any =
case)<span
class=3DGramE>,</span> he proposed to issue his Government’s own =
‘money’
in the form of ‘Prosperity Certificates’.<span
style=3D'mso-spacerun:yes'>=A0 </span>And to ensure this Provincial =
‘scrip’
would ‘circulate’ and be used to ‘stimulate <span
class=3DGramE>trade’,</span> he followed the inane <span =
class=3DSpellE>Gesellist</span>
proposal of putting a tax on it of 1% per week.<span =
style=3D'mso-spacerun:yes'>=A0
</span><span class=3DGramE>Which had to be paid, if it could be paid, in =
already
short Canadian currency.</span><span style=3D'mso-spacerun:yes'>=A0 =
</span>This was
a necessary expense each week the ‘Certificate’ was held to
maintain its ‘par value’, and accomplished by buying another =
‘stamp’
each week to affix to <span style=3D'mso-spacerun:yes'>=A0</span>it. =
<o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>The
‘problems’ with this proposal should be quite obvious. =
First, there
is no scope using this type of ‘disappearing money’ for any =
‘savings’
or ‘investment’.<span style=3D'mso-spacerun:yes'>=A0 =
</span>It’s
a ‘hot potato’.<span style=3D'mso-spacerun:yes'>=A0 =
</span>It has to be
spent quickly or it loses its purchasing power. <span =
class=3DGramE>Hardly a ‘cure’
in any area already suffering a ‘shortage of purchasing =
power’.</span>
<o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>Second,
to get any business to ‘accept’ them at all, the =
‘Certificates’
needed to be ‘backed’ by Canadian currency.<span
style=3D'mso-spacerun:yes'>=A0 </span>For which they could be exchanged =
after a
certain period had elapsed. ‘Resources’ just wouldn’t =
do in
the middle of a Depression. <span =
style=3D'mso-spacerun:yes'>=A0</span><o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>Third,
the ‘Certificates’ couldn’t be used to make liquor =
purchases
at Alberta Government Liquor Stores, (virtually ensuring their =
unpopularity
with a great many who might’ve been otherwise more favourably =
disposed to
them!, nor could they be used to pay any Alberta Provincial taxes, =
except the
sales tax.<span style=3D'mso-spacerun:yes'>=A0 =
</span><o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>Fourth,
many ‘Social Credit’ Alberta <span =
class=3DSpellE>MLAs</span> and
Cabinet Ministers were reluctant to accept them even in =
‘partial’
payment of their salaries. (Such a ‘public’ demonstration of =
‘faith’
that didn’t go un-noticed!)<span style=3D'mso-spacerun:yes'>=A0 =
</span><o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>Fifth,
and probably the most serious problem of all, ‘consumers’ =
deeply resented
having to pay the ‘stamp tax’. And who could blame =
them?<o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'><span
style=3D'mso-spacerun:yes'>=A0</span>Rather than being the popular =
precursor to <span
class=3DSpellE>Aberhart’s</span> more comprehensive, but =
apparently also hugely
flawed form of ‘</span></font><st1:State><st1:place><font size=3D2
face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'>Alberta</span></font></st1:place></st1:State><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'>’
Social Credit, well over half the first issue of “Prosperity =
Certificates”
were cashed in for Canadian currency at the earliest possible moment. =
<span
style=3D'mso-spacerun:yes'>=A0</span>Only <span class=3DGramE>a minute =
fraction were</span>
ever re-issued. <span style=3D'mso-spacerun:yes'>=A0</span>It was an =
ill-conceived,
(though no doubt well-intentioned), scheme right from the start. <span
style=3D'mso-spacerun:yes'>=A0</span>And has had the lasting effect of =
making the ‘political’
name ‘Social Credit’ <span class=3DSpellE>synonomous</span>
=
with “funny
money” ever since. <o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier New"'><span
style=3D'mso-spacerun:yes'>=A0</span><span =
style=3D'mso-spacerun:yes'>=A0</span><span
style=3D'mso-spacerun:yes'>=A0</span><o:p></o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal =
style=3D'mso-layout-grid-align:none;text-autospace:none'><font
size=3D2 face=3D"Courier New"><span =
style=3D'font-size:10.0pt;font-family:"Courier =
New"'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
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