| Subject: | Re: [socialcredit] Economic Democracy | | Date: | Monday, March 19, 2007 23:09:30 (-0400) | | From: | Richard Cook <rickycook21 @.......com>
|
| In reply to: | Message 4598 (written by William Hugh McGunnigle) |
I totally agree with Mr. McGunnigle's points about a separate funding source
within the U.S. government. Excellent expression of something often
overlooked. I am trying to address it in the book I'm working on.
Richard Cook
>From: "William Hugh McGunnigle" <wmcgunn@maxnet.co.nz>
>Reply-To: socialcredit@elistas.com
>To: <socialcredit@elistas.com>
>Subject: Re: [socialcredit] Economic Democracy
>Date: Tue, 20 Mar 2007 12:57:07 +1200
>
>Hi everyone
> I have watched with curiosity the various arguments being
>forwarded on this topic. While my comments on this could be offensive to
>many of our contributors particularly some of those from the North American
>continent surely the easiest method of bringing the banking system under
>direct treasury control is to have a treasury controlled reserve bank that
>would provide local councils and even government departments with the same
>services as the commercial sector but charging interest rates substancially
>less than the commercial sector. Infrastructural maintenance and
>developments would be a fraction of their present costings because that
>bank would only need to charge interest rates sufficiently large to cover
>administration costs. It would be restricted to those functions but since
>the commercial banking sector has a substancial amount of its trade tied up
>in those departments they would have to lower their interest rates to be
>competitive. Admittedly this would be a very heavy club to wield at the
>banking system, but we are talking about a monetary system that is totally
>inadequate for modern uses and too vunerable to the whims and fancies of
>private individuals owning the commercial banking to be allowed to continue
>as is. Quite simply the present financial system is not creating sufficient
>debt-free funding to ensure proper exploitation of the world's resources
>for the benefit of all. The early fathers of the USA emphasised that the
>issuing and maintenance of the money supply was the perogative of the
>government i.e. treasury. It is only since that perogative was usurped by
>the passing of the Reserve Bank act (1917) allowing a private organisation
>to control and issue its money supply that the USA has moved from being a
>creditor nation to the most indebted nation in the world. The vast bulk of
>US debt is to the Federal Reserve as a direct result of its position as the
>monetary controller of the US economy. I believe all the arguments
>forwarded by our correspondents seem to be overlooking this basic axiom.
>Until the fundamentals are cured all other arguments become irrelevant.
>Mechnisms controlling interest rates will always be available, but we need
>the WILL to change the way they are operated before the present financial
>system will begin to operate for the advantage of all. Sadly,
>predominantly, financial circles operate under a hunting rather than a
>farming attitude. What is needed is a change of attitude to convince the
>financiers of the world that they will make more money in the long term by
>allowing more prosperity in the lowest echelons of society by means of less
>exploitation on "loans" issued to enhance the developement of the worlds
>natural resources. I believe this is one of the fundamental tenets of the
>Socred movement. We should not lose sight of this in our arguments about
>mechanisms.
> Bill Mc Gunnigle
> From: John G Rawson
> To: socialcredit@elistas.com
> Sent: Tuesday, March 20, 2007 11:39 AM
> Subject: Re: [socialcredit] Economic Democracy
>
>
> Under the system we had, trading ("commercial" in your terms, I think)
>banks had to lodge a proportion of their deposits (i.e. equivalent to) with
>the Reserve Bank, our central bank. Is/was there a ddifferent system in
>vogue anywhere else? If so, I have never heard of it and therefore thought
>my comment needed no interpretation. The underlying assumption, obviously,
>was that banks lent their deposits. In effect it had very little effect on
>lending, which presumably is why our Royal Commission accepted evidence
>that the method was "a blunt instrument" and placed that comment in its
>Report.
>
> If the nation is to have any direct control over bank lending, Martin's
>suggestion sems to me to be the only really practical one anybody has come
>up with.
>
> Regards. John R.
>
>
>----------------------------------------------------------------------------
> From: <william_b_ryan@yahoo.com>
> Reply-To: socialcredit@elistas.com
> To: socialcredit@elistas.com
> Subject: Re: [socialcredit] Economic Democracy
> Date: Mon, 19 Mar 2007 14:03:12 -0700 (PDT)
> >"And do they apply, quite inappropriately to
> >deposits?"
> >------------------------------------
> >-------------------------------------
> >
> >I don't even know what this is supposed to mean, John.
> >Perhaps you will interpret.
> >
> >
> >--- John G Rawson <johngrawson@hotmail.com> wrote:
> >
> >What reserve requirements do you have in the US? NZ
> >has none, and I thought you had gone over to control
> >by interest rate changes too.. And do they apply,
> >quite inappropriately to deposits?
> >
> >Regards. John R.
> >
> >
> >
>
> >____________________________________________________________________________________
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>
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