| Subject: | Re: [socialcredit] A brief outline of Social Credit | | Date: | Thursday, March 8, 2007 22:48:56 (+1300) | | From: | Peter <cymric @.......nz>
|
I disagree with Martin's point and the same for John's comment earlier, in
that the banks are licenced to create money which starts as figures on paper
and can be interchanged with the nations legal tender. So it cant be
fraudulent.
The key point Douglas made was the banks claim to OWNERSHIP of the money and
ownership isnt the same as a right to create a represenation of a value
someone/public holds, as a business enterprise, by which they then claim
ownership of that value.
The priveleg granted by a banking charter is to professionally facilitate
the economy not to own it.
Douglas covered this from another perspective in describing the banking
system being a problem in being 'outside' (as the disposition of ownership
has them) the economy instead of inside as just another player involved in
the economic activities.
The 'ownership' issue also reflects in ownership of the increment of
association and first call of crediters.
Peter H
----- Original Message -----
From: <william_b_ryan@yahoo.com>
To: <socialcredit@elistas.com>
Sent: Sunday, March 04, 2007 8:35 AM
Subject: Re: [socialcredit] A brief outline of Social Credit
> "It seems to me that the fraud in the banking system
> lies in banks promising to pay legal tender money to
> borrowers that in fact they do not have."
> ------------------------------------------------
> -----------------------------------------------
>
> But that is not the promise that banks make, Martin.
> Banks promise to pay legal tender money to depositors
> on demand, when demanded. If they do that they are
> fulfilling their contractual obligation to their
> depositors.
>
> Keep in mind that banking is a variation on a common
> theme with joint stock manufacturing companies and
> insurance companies, in that they all involve the
> pooling of assets and the sharing of risks. In the
> financial sense, each of them is engaging in similar
> activities in different degrees of specialization.
>
> An insurance company is not committing fraud when it
> promises to pay a certain sum on a life insurance
> policy that it may not now have. The promise is to
> pay that sum when the insured dies.
>
> The concept is actuarial.
>
>
> --- Martin Hattersley <hattersleyjm@interbaun.com>
> wrote:
>
> It seems to me that the fraud in the banking system
> lies in banks promising to pay legal tender money to
> borrowers that in fact they do not have. Those
> promises, accepted by the public as if they were legal
> tender money, serve to increase the supply of money in
> the country. This contributes to inflation. It also
> requires the creation of debt equal to the amount of
> credit created.
>
> Martin Hattersley
> 5929 - 189 St.,
> EDMONTON AB CANADA T6M 2J1
>
>
>
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