| Subject: | [socialcredit] Questions regarding Douglas' testimony in Ottawa, 1923 | | Date: | Wednesday, September 19, 2007 10:34:06 (-0700) | | From: | william_b_ryan <william_b_ryan @.....com>
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From the introduction to the document that is attached
in PDF:
"Gentlemen, we are to be addressed this afternoon by
Major Hugh Douglas of England, who has come out here
to address us upon the resolution that was referred to
this Committee for consideration by Parliament, the
resolution being the one introduced by Mr. Irvine."
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Does anyone have the wording of the resolution
introduced by Mr. Irvine?
Later in the document:
"A. Yes. I think that that is yet another instance of
the extraordinarily careful wording of this pamphlet.
You see that that paragraph says—I have it written
down here, “the money they lend represents customers’
deposits.” Represents customers’ deposits. You will
notice that it does not say that the banks lend
customers’ deposits. That is a very, very tricky and
careful difference. It states carefully—loans and
deposits are a reflection of it—but it does not state
what is the fact, that the loan comes first, that it
is the loan which creates the deposit, not the deposit
which enables them to make the loan.
"By Mr. McMaster: Q. That unfortunately, is not always
the case.—
A. I will elaborate it to any extent you like, but I
think if you will care to read Mr. McKenna’s speech at
the annual meeting of the London and Midland Joint
Bank this year, I think he states that in so many
words."
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McKenna is frequently mentioned in Social Credit
literature in reference to the theorem that loans
create deposits. Does anyone have the text of
McKenna's speech that Douglas refers to here?
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Questions regardin
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