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Subject:[socialcredit] Re: The Use of Social Credit
Date:Wednesday, February 13, 2008  10:45:54 (-0800)
From:william_b_ryan <william_b_ryan @.....com>

I am really looking for different interpretations of
this quotation from Douglas, which at first sight
appears to be harebrained.  The "gap" between "prices"
and "purchasing power" is some ponderable amount,
which it seems to me might well be and probably is
less than the amount of depreciation being charged
into prices.  Reimbursing the entirety of depreciation
by the National Credit Authority could not then be
anything other than inflationary, though certainly
stimulative of production and consumption.  The beauty
of the dividend and rebate programs is that these
might be increased or decreased as circumstances
warrant.  Douglas said a great number of things that
appeared to be harebrained at first sight, but made a
great deal of sense when he had the opportunity to
explain them, as in his Ottawa testimony where he
explained to the Committee what he meant by saying
that banks could exist, making loans and creating
money, without deposits.  He said it was a theoretical
possibility rather than a practical reality.  Douglas
was an inspired genius, which does not mean that he
was always perfectly right or non-contradictory as to
the details.  And he was always terse, which makes
what he said and wrote subject to multiple
interpretations and controversy.

The substance of the Douglas theory as I see it:

Two things are happening: Personal incomes are falling
in respect to the costs of production being impressed
to the point of retail, as a result of labor
displacement, and spending from incomes is falling
with increasing personal wealth, what Keynes called
the decreasing "propensity to consume."  The first is
addressed perfectly in the Social Credit program
through the dividend; the second is addressed
perfectly through the retail rebate.  If not
adequately compensated through something like the
dividend and rebate, the falling rates of profit will
cause entrepreneurs to continuously pinch off
production short of the intersection of productive
capacity and real demand.  Coupled with this must be
reasonable control over bank credit, the availability
of which being absolutely essential to the modern
industrial economy.


----- Original Message -----
(Bill Ryan wrote:-) I am interested in having any
other interpretations
that anyone might have of this quotation from Douglas

(Joe asks:-) Could this be an alternative method to
having  the more
familiar mechanisms suggested for  the Compensated
Price Discount?

----- Original Message -----
From: <william_b_ryan@yahoo.com>
To: <socialcredit@elistas.com>
Sent: Monday, February 11, 2008 2:00 PM
Subject: [socialcredit] The Use of Social Credit

> This is from Douglas' address from 1935, entitled,
> "The Use of Social Credit":-
>
> "...the first objective of Social Credit is to
provide
> sufficient money to meet these charges which occur
in
> ultimate products as the result of the existence of
> industrial assets. One of the methods by which it is
> proposed to do this is to take the charge for
> industrial assets out of prices and pay it direct to
> the owner of the assets. Instead of taxing him in
> money for the possession of industrial assets we
> should, on behalf of the consumer, pay him for the
use
> of them. That is not essential to the theory, but it
> is a quite possible way of dealing with the
situation.
> The real beneficiary, it should be noted, is the
> consumer, who gets lower prices."
>
> Essentially, in my opinion, what Douglas is
suggesting
> here is that depreciation charges are to be
reimbursed
> to the firms in the form of credits from the
National
> Credit Account, as depreciation is incurred through
> the conventions of accounting.  The firms' incomes
are
> thereby increased as expense is charged against
gross
> income, thereby increasing the firms' rates of
profit.
>  Presumably, competition between the firms will
reduce
> prices, though not necessarily dollar for dollar,
> charged to final consumers in the process.
>
> I am interested in having any other interpretations
> that anyone might have of this quotation from
Douglas.
>


     
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