I meant confusion; the suggestion that only SC would use debt-free money, or
that either would do that indiscriminately enough to cause inflation.
John R.
From: keith wilde <kwilde@tc-biodiversity.org>
Reply-To:
socialcredit@elistas.com
To: socialcredit@elistas.com
Subject: RE:
[socialcredit] fascism
Date: Thu, 5 Apr 2007 04:26:49 -0700 (PDT)
>
>Re John
Rawson's question: Do you mean "distinction"
>rather than "confusion"?
>
>As a
newcomer to the subject matter several years ago
>I was initially puzzled by Bill
Ryan's insistence on
>making a distinction between social credit and
"money
>reformers". It didn't take too long to understand the
>objection to
putting so much decision power over
>resource allocation into the hands of
government,
>hence his shorthand epithet of "fascist". The
>question that has
remained, for me, is the degree to
>which the social credit solution is
different. (Is it
>90 or 180?)
It has often seemed to me that Bill
>regards them as virtually polar opposites,
different
>in more than one respect. (In adding to the list, I'm
>thinking of
attitudes toward the sanctity of old
>private property, often obtained through
invasion,
>piracy or other thuggery.) Instead of direct spending
>on
infrastructure, the social credit solution would
>have a government office to
calculate the precise
>amount of new claims to goods and services that should
>be
distributed to keep the system churning without
>inflation. I haven't been able
to spend the time I
>would like to in contemplating just how big a
>bureaucracy
that would entail, but it is not too
>difficult to imagine that it would be less
expensive
>than a public works department. Nevertheless, it does
>shift monetary
policy significantly
into the hands of
>government. And as noted, that would be a movement
>toward
democracy. I wonder what have been the musings
>of social credit writers over the
years about the
>probable temptations and vulnerability to corruption
>via the
national credit authority?
>
>On another point, John's observation about
AMI's
>interpretation of deposits and reserves is
>interesting and seems
plausible to me. I look forward
>to other comments.
>
>Keith Wilde
>
>
>
>---
John G Rawson <johngrawson@hotmail.com>
wrote:
>
>
>---------------------------------
>
>Where has the confusion betwen
Social Credit and OTHER
>monetary reformers come in? All would curb the
>monopoly
of credit creation by the banks, all would
>balance the increase of money supply
against needs or
>goods to avoid inflation.
>
>Douglas, basically, would leave
the banks creating
>money, and in view of their nature this might be
>unavoidable
anyway. That is their function, which it
>appears could be impossible to stop.
(But it could be
>managed by specific controls of the actual money
>volume, and
Martin has come up with the only sensible
>way of doing this that I have seen.)
But D. would
>have a credit authority also issue some new money to
>be paid to
the consumer in some form, hence "economic
>democracy". He saw full central
control of
>money-issue as giving central government too much
>power.
>
>Others
such as the AMI would channel money through
>government (central and local)
spending for
>infrastructure. While this may give government great
>power,
I still do see control of the nation by elected
>representatives as better than
the present control by
>unelected bankers, as effectively so in all or
most
>"democracies". Fascism, or more correctly Nazism,
>consisted of puppet
rulers acting on behalf of
>industrialists and bankers. This was the group
that
>put Hitler into power in Germany. Without pointing any
>finger, there is
very litle difference between the
>Nazi regime and some notable examples
now.
>
>The AMI appears to have fallen for the long-propagated
>fallacy that
banks lend their deposits, which are not
>their reserves but their liabilities.
Banks gain
>assets by creating the money to purchase them. Their
>reserves are
needed for interbank transactions, not
>lending, on which the only controls are
willing
>borrowers and the risk
of any one losing reserves by
>outstripping the others in lending. (I am
again
>quoting findings of our Royal Commission, not personal
>theory.) In
effect, the days of "fractional reserve"
>banking are dead, and I believe the
term lives on
>because it is useful to confuse reformers. Should the
>AMI become
powerful, it may be interesting to see the
>banks reverse their "lending of
deposits" propaganda
>and admit that they don't, as part of a counter to
the
>reformers' arguments!
>
>In passing, our NZ Party believes that times have
so
>changed since the time of Douglas, with government
>assuming so many more
functions, that we have adopted
>a blend of the two approaches.
>
>Regards. John
R.
>
>---------------------------------
>From:
<william_b_ryan@yahoo.com>
>Reply-To: socialcredit@elistas.com
>To:
socialcredit@elistas.com
>Subject: [socialcredit] fascism
>Date: Wed, 4 Apr 2007
08:28:36 -0700 (PDT)
> >Regarding the term, fascism, it is clearly used as an
>
>opprobrium. I use the term to apply not only to those
> >groups historically
identified as fascist, who call
> >themselves fascist, but to those groups
or
>individuals
> >who advocate increasing power into the hands of the
> >central
or federal executive. This is, in my opinion,
> >contrary to the uniquely
American perspective, as
> >expressed in its Constitution and Bill of Rights,
>
>which is to admit the necessity of the institution of
> >government, but to
constrain it with division of
> >powers and checks and balances, to
deter it from
> >becoming a tyranny.
> >
> >As to Stephen Zarlenga, I would not
refer to him
> >directly as being a fascist, but would maintain that
> >the
groups he associates himself with, and policies
> >that he advocates, are clearly
fascistic by this
> >standard.
> >
> >Zarlenga has been closely associated with
the
> >Georgists, and on numerous occasions has accepted
> >funding from them.
Both Michael Hudson and Geoffrey
> >Gardiner claim that various Georgist
organizations
> >have been connected to the Nazis. Hudson claims that
> >one of
the major Georgist organizations that he once
> >was associated with accepted
money from German Nazi
> >intelligence for spying. And he claims they were
>
>closely connected to the eugenicist
movement. Hudson
> >was and is a Georgist insider and therefore speaks
> >from
some position of authority.
> >
> >As to policies that Zarlenga advocates, I
append the
> >latest version of his American Monetary Act, which I
> >received
from him two days ago.
> >
> >Whatever else that Act might do, one thing that
it
> >most certainly will do is increase the power of the
> >federal executive
tremendously.
> >
> >Firstly, it proposes to merge the powers of banking
> >into
the Treasury Department, directly in the chain
>in
> >command from the
President.
> >
> >It also significantly increases the power of banking
> >under that
central control.
> >
> >It purports to advocate one hundred percent banking.
>
>But a
true one hundred percent requirement would mean
> >that banks could not make
loans. What is really being
> >proposed is a modified and centralized
fractional
> >reserve system, which through a legal fiction,
> >deposits will be divided
into two categories:
>checking
> >and saving. One-hundred percent reserves will
be
> >required against checking deposits, and something
>less
> >than one-hundred
percent will be required against
> >savings deposits.
> >
> >Presently, reserves
are injected into circulation by
> >the Federal Reserve Open Market Committee
through its
> >so-called "open market" operations.
> >
> >The Act proposes that
instead, reserves will be
> >injected through federal government spending.
> >
>
>Now, the
necessity to tax is presently a significant
> >check on the power of government,
inasmuch government
> >may levy a tax, but collecting it is another matter.
> >
>
>That check upon the power of the federal government
>is
> >eliminated by The
American Monetary Act.
> >
> >The division of power between the federal and
state
> >and local governments is weakened by the Act, which
> >proposes a series of
grants and "interest free" loans
> >to the state and local governments, which
will reduce
> >their individual necessity to tax, and thereby lessen
> >the check
of their own people on their governments.
> >And of course increase the power of
the federal
> >grantors of the "interest free" loans and grants over
> >the state
and local governments.
>
>
> >I invite comments.
> >----------------------------------------
> >
> >
> >Received from Stephen Zarlenga, April 2, 2007
> >
> >THE AMERICAN MONETARY ACT
> >
> >An Act to restore the Constitutional power to create
> >Money to the Congress of the United States
> >
> > Be it enacted by the Senate and House of
> >Representatives of the United States of America in
> >Congress assembled,
> >
> >SEC 1. SHORT TITLE
> >
> >This Act may be cited as the American Monetary Act
> >
> >SEC 2. FINDINGS
> >
> >The Congress finds that -
> >
> >(1) The Federal Reserve Act of 1913 effectively ceded
> >the sovereign power to create Money delegated to
> >Congress by the
Constitution to the private financial
> >industry.
> >(2) This cession of
Constitutional power has resulted
> >in a multitude of monetary and financial
afflictions,
> >including a growing and unreasonable concentration of
> >wealth,
an uncontrollable national debt, excessive
> >taxation of citizens, inflation of
the currency,
> >drastic increases in the cost of public
>infrastructure
>
>investments, excessive un- and under-employment, and
> >erosion of the
ability of Congress to exercise its
> >Constitutional responsibilities to provide
for the
> >common defense and general welfare.
> >(3) The issue of means of
exchange by private
> >financial institutions as interest-bearing debts
> >should
cease once and for all.
> >(4) The power of Government to
create Money and spend
> >or loan it into circulation as needed is similar but
>
>different in nature from the power to create and
> >market instruments of
indebtedness; it eliminates the
> >need to pay interest charges to
financial
>institutions
> >and removes their undue influence over public
policy.
> >(5) Direct disbursement of United States Money can be
> >readily and easily
implemented, including replacement
> >of Federal Reserve Notes and retirement of
debt.
> >(6) The Federal Reserve System shall be retained as a
> >central bank of
issue, a national fund processing
> >clearinghouse, and a fiscal agent for the
Government
> >and should be incorporated within the US Treasury. It
> >should no
longer be utilized to introduce liquidity
> >into the currency
system through interest-bearing
> >debts.
> >(7) Government policy with regard
to monetary supply
> >should be based on the principle of furnishing
>
>sufficient liquidity to support the reasoned
> >sustainable expansion of the
physical economy,
> >providing for the common defense and general welfare
> >of
the United States, and full employment of the
> >nation's working population
>
>
> >TITLE I - DISBURSEMENT OF UNITED STATES MONEY
> >
> >SEC. 101 AUTHORIZATION
FOR DISBURSEMENT
> >
> >Not later than 90 days after the effective date of
>
>this section, all United States Government
> >disbursements shall be
denominated in United States
> >Money, the nominal unit being the U.S. Dollar.
>
>
> >SEC. 102 LEGAL
TENDER
> >
> >United States Money shall enter into general domestic
>
>circulation as full legal tender in payment of all
> >debts public and
private.
> >
> >SEC. 103 NEGATIVE FUND BALANCES
> >
> >The Secretary of the
Treasury shall directly issue
> >United States Money to account for any
differences
> >between Government appropriations authorized by
> >Congress under
law and available Government receipts.
> >
> >Note: The fact that Treasury will
be able to make
> >disbursements based on direct issuance of United
> >States
Money for negative fund balances reflects
> >Congress's Constitutional authority
to "coin Money",
> >because Congress will then have the ability to adjust
> >the
amount of Money so created by regulating
both
> >appropriations as well as revenues from taxation and
> >other sources.
The focal point of power will be the
> >House of Representatives as the initiator
of revenue
> >bills. Restoring to Congress its Constitutional
> >authority will
shift the ability to create Money and
> >enter it into circulation from the
private banking
> >industry to our elected representatives, as the
>
>Constitution mandates.
> >
> >SEC. 104 FORECASTING OF DISBURSEMENT
REQUIREMENTS
> >
> >The Secretary shall:
> >
> >(1) forecast disbursement
requirements on a daily,
> >monthly, and annual basis;
> >(2) provide such
forecasts to Congress and the
>public;
> >(3) integrate forecasts with the
Federal budget
> >process;
> >(4) maintain a
sufficient research capability to
> >continuously and effectively assess the
impact of
> >disbursement of United States Money on all aspects of
> >the
domestic and international economies;
> >(5) report to Congress and the public
regularly on
>the
> >economic impact of disbursements of United States
> >Money
and the status of the monetary supply.
> >
> >SEC. 105 MONETARY CONTROL
> >
>
>(1) The Secretary shall pursue the policy that the
> >supply of money in
circulation should not become
> >inflationary nor deflationary in and of
itself.
> >(2) Monetary supply targets shall be established by a
> >Monetary Control
Board consisting of nine public
> >members appointed for staggered six-year terms
by the
> >President with the advice and consent
of the Senate
> >and reporting for administrative purposes to the
>
>Secretary.
> >(3) Responsibility to regulate the monetary supply in
>
>reasonable accordance with targets established by the
> >Monetary Control
Board shall rest with the Secretary
> >of the Treasury.
> >(4) The Secretary
shall report to Congress any
> >discrepancies between targets and supply in
excess of
> >one percent at the end of each quarter.
> >
> >SEC. 106 DISBURSEMENT
IN LIEU OF BORROWING
> >
> >(1) Disbursement of United States Money under
this
>Act
> >shall be made in lieu of borrowing through Treasury
>
>instruments.
> >(2) Such borrowing shall cease as of the date stated
> >in
Section 101 of this title, unless otherwise
> >authorized by
Congress;
> >(3) Nothing in this Act shall prevent Congress from
> >exercising
its Constitutional authority to borrow on
> >the full faith and credit of the
United States.
> >
> >SEC. 107 ACCOUNTING
> >
> >The Secretary shall account for
the disbursement of
> >United States Money and of current fund balances
>
>through accounting reports maintained and published
>by
> >the Secretary and
by departments and agencies of the
> >Government. The General Accountability
Office shall
> >conduct an independent audit every second year.
> >
> >TITLE II -
RETIREMENT OF INSTRUMENTS OF INDEBTEDNESS
> >
> >SEC. 201 COMMENCEMENT OF
RETIREMENT
> >
> >Not later than one year from the effective date of
> >this
section, the Secretary
shall commence to retire
> >all outstanding instruments of indebtedness of the
>
>United States by payment in full of the amount
>legally
> >due the bearer in
United States Money, as such
>amounts
> >become due.
> >
> >TITLE III -
CONVERSION TO UNITED STATES MONEY
> >
> >SEC. 301 CONVERSION OF FEDERAL RESERVE
NOTES
> >
> >(1) Not later than 120 days from the effective date
>of
> >this
section, the Secretary shall establish the
> >capability of converting
outstanding Federal Reserve
> >Notes to United States Money of equal face value
upon
> >presentation to any domestic national or state
> >financial institution
by the bearer;
> >(2) Not later than 150 days from the effective date
>of
> >this
section, the Secretary
shall provide a
>sufficient
> >quantity of United States Money to the domestic
>
>banking system to allow for conversion of all book
> >entries and
cash-on-hand;
> >(3) Not later than 180 days from the effective date
>of
> >this
section, all financial institutions within the
> >United States shall disburse
funds only in United
> >States Money;
> >(4) Not later than 180 days from the
effective date
>of
> >this section, all fund accounts within United States
>
>financial institutions shall be denominated only in
> >United States Money;
>
>(5) The Secretary shall promptly dispose of all
> >Federal Reserve Notes upon
receipt.
> >
> >SEC. 302 RESERVE REQUIREMENTS AND INTEREST CEILINGS
> >
> >(1)
Not later than 180 days from
the effective date
>of
> >this section, financial institutions authorized to
>
>operate within the United States under any Federal or
> >state charter may
only lend money as a deposit
> >institution without fractional reserve banking;
>
>(2) In order to initially bring reserves to a level
> >equivalent to
outstanding loans, financial
> >institutions may at inception of this act,
borrow
> >United States Money from the Treasury;
> >(3) In ending fractional reserve
banking, the
> >Secretary is authorized to initially lend United
> >States Money
at interest to financial institutions
>for
> >reserve purposes subject to
regulations established
>by
> >the Secretary.
> >(4) Not later than 120 days from
the effective date
>of
> >this
section, the Secretary shall publish regulations
> >for:
> >a) criteria to
determine interest charges for
> >utilization by financial institutions of
public
>funds,
> >procedures for determining and declaring insolvency
>of
> >reserve
borrowing portfolios, and policies and
> >procedures for disposition of forfeited
financial
> >institution assets.
> >b) Checking type accounts; that implement a
system of
> >what is generally known as one-hundred percent
>reserve
> >banking
on all checking type accounts. Effectively,
> >checking accounts become a
warehousing and
> >transferring service for which fees are charged. This
>
>regulation will take effect over a one year period.
> >c) Savings Type
accounts and Time Deposits; to
> >establish
reserve and other requirements for the
> >continued lending of money at interest
by banks.
> >d) other accounts; establishing appropriate
> >regulations, to
encourage private lending activity,
> >but prohibit private money creation in the
form of
> >credit.
> >e) the computer accounting segregation of deposits of
>
>money, from the deposits of loans - i.e. from credit
> >deposited in the
system, with the intent to allow
> >money, but not credit, to be loaned out.
>
>
> >Note: It is anticipated that the money spent into
> >circulation by the U.S.
Government under Title V of
> >this Act, will ultimately be deposited into
the
>banks,
> >where that money, not fractional reserves, will
> >provide the
engine for continued loans and necessary
>
>expansion. It is also anticipated that enough public
> >spirited banking professionals will join with
>Treasury
> >officials in assuring that these regulations are
> >properly formulated recognizing realities within the
> >banking industry, to assure a smooth transition.
> >
> >(5) The total amount of interest charged by a
> >financial institution to any natural person borrower
> >through amortization, including all fees and service
> >charges, shall not exceed the original principal of
> >any loan, except mortgages.
> >(6) United States debt instruments held by banks will
> >be credited to their reserve positions in calculating
> >the amounts necessary to borrow to upgrade their
> >reserves.
> >(7) The maximum interest rate of 8% per year
will
> >apply throughout the U.S. inclusive of all fees.
> >(8) Interest
payments by the U.S. to foreign central
> >banks or their intermediaries will be
reduced
> >pro-rated over 15 years to1 %.
> >
> >TITLE IV - RECONSTITUTION OF THE
FEDERAL RESERVE AS A
> >BUREAU WITHIN THE UNITED STATES TREASURY DEPARTMENT
> >
>
>SEC. 401 RECONSTITUTION OF THE FEDERAL RESERVE
> >
> >(1) No later than 90
days from the effective date of
> >this section, the Secretary shall purchase on
behalf
> >of the United States all net assets in the Federal
> >Reserve System at
current market value denominated in
> >United States Money.
> >(2) The Federal
Reserve in its role as a central bank
> >of issue, a national fund processing
clearinghouse,
> >and a
fiscal agent for the Government shall be
> >reconstituted as a bureau within the
United States
> >Department of the Treasury.
> >(3) The Federal Reserve shall be
administered by a
> >commissioner and deputy commissioner appointed for
>
>six-year terms by the President with the advice and
> >consent of the
Senate.
> >(4) The Federal Reserve shall administer on behalf of
> >the Secretary the
monetary targets established and
> >authorized by the Monetary Control Board and
shall
> >administer lending of United States Money to
> >authorized financial
institutions in order to assure
> >one-hundred percent reserve banking, also
known as
> >deposit banking, wit
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