| Subject: | RE: [socialcredit] Re: [GJM] Replying to Peter Challen | | Date: | Monday, January 21, 2008 21:23:01 (+0000) | | From: | John G Rawson <johngrawson @.......com>
|
| In reply to: | Message 5213 (written by Myro Ashenopolitus) |
Thanks for that.
Nevertheless, I believe it is important to make this point in just this terminology. Money is created out of nothing when a loan is utilised; it goes back to nothing when a payment meets an overdrawn account. The cycle of money is simply creation, passage to one account, possible passage to one or more others and extinction wherever it meets an overdraft. The so called circulation of money does not exist unless you consider cancellation and re-creation of fresh loan money along the way.
Since notes and coins in bank tills are not part of the money supply, (unless money doubles at this point when paid into an account where the deposit is part of it), these have become simply means of transferring "real" money ( computer impulses) in the same way completely open cheques would. The only difference is that initial issue of them may only cost the community the cost of printing
etc.
It is very necessary to use such means to destroy the propaganda of the financiers that money is something that exists in limited quantity, mysteriously flowing from some holy source.
Regards.
John R.
> Date: Sat, 19 Jan 2008 09:06:05 -0800
> From: new_economics@yahoo.com
> To: socialcredit@elistas.com
> Subject: RE: [socialcredit] Re: [GJM] Replying to Peter Challen
>
> The "spin," John, is the implication that there is
> something wrong or evil in the fact that money is
> created "out of nothing." The point I tried to make
> is that "ex nihilo" is a legal term going back
> centuries that pertains to contracts, whose terms and
> conditions did not exist before they were agreed to by
> the parties. The term is also used in religious and
> theological discussions in a different context and
> meaning. Modern money is contractual or creditary,
> that we consider to be a "ticket" redeemable against
> goods and services.
>
> Myro
>
>
> --- John G Rawson <johngrawson@hotmail.com> wrote:
>
> > Just one point again. During the course of our Royal
> > Commission (1950's) the term "out of nothing" was
> > fully supported by bank representatives. It is an
> > accepted accurate statement, not a "spin".
> > Regards.
> > John R.
>
>
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