| Subject: | Re: [socialcredit] Finance: Credit "Crisis" and "Depression" | | Date: | Monday, December 1, 2008 13:04:48 (-0700) | | From: | Martin Hattersley <jmartinh @....ca>
|
| In reply to: | Message 5736 (written by william_b_ryan) |
Well, Bill
At least in Canada we own our own central bank, which does issue dollars
which by statute are legal tender. I think we could get away without any of
the problems you raise. The main difficulty is the political influence on
our major political parties of our banks.
Perhaps the U.S. government should at this point take over the Federal
Reserve!
Martin Hattersley, 5929-189 St.,
EDMONTON AB CANADA T6M 2J1
Phone & Fax (780) 483-5442
e-mail <jmartinh@shaw.ca>
----- Original Message -----
From: <william_b_ryan@yahoo.com>
To: <socialcredit@elistas.com>
Sent: Monday, December 01, 2008 8:07 AM
Subject: Re: [socialcredit] Finance: Credit "Crisis" and "Depression"
It would be equivalent to a "Goods and Services Tax" in reverse, but I would
be reluctant to accept a commingling of the tax and dividend systems. Too
much of an incentive to increase the tax rate to offset the dividend due the
people.
At the very least money created by the Mint would need the cooperation of
the banks. During and after the Civil War, the banks refused to accept
deposits of Greenbacks, which greatly limited their acceptability. The
banks achieved complete victory with the passage of the Specie Resumption
Act, which mandated that the Greenbacks be redeemed by the government in
gold. This greatly enriched the speculators who had amassed Greenbacks at
steep discount.
Legal tender status is not sufficient to guarantee acceptability. The
Greenbacks had legal tender status that was eventually approved by the
Supreme Court. Legal tender status did not require the banks to accept them
for deposit. It only required that creditors accept them in payment for
debt. But Alberta didn't even have the legal authority to convey legal
tender status to its notes.
All money is debt by its creator to its bearer. That will always be the
case. It is a subset of the more general concept of contract for future
performance, which fits very well with Douglas' "ticket" metaphor. See the
Innes papers at
http://www.geocities.com/new_economics/innes/
--- On Sun, 11/30/08, Martin Hattersley <jmartinh@shaw.ca> wrote:
Yes, I'm certainly in favour of a "Just Price", which in Canada could easily
be achieved through making our "Goods and Services Tax" mechanism go into
reverse as a subsidy on prices, so introducing money into the economy in a
way that actually reverses inflation, that money being created by the Mint
rather than the banking system.
The one essential thing we have to do is to create our money supply without
creating debt at the same time, and there's certainly no sense in spending
money on infrastructure (or wars) if what we get from it all isn't anything
we need.
Martin Hattersley
---------------------------------------------------------------------
Some introductory materials to the discussion topic of this list are at
http://www.geocities.com/socredus/compendium
You're subscribed to this list with the email jmartinh@shaw.ca
For more information, visit http://www.eListas.com/list/socialcredit
--------------------------------------------------------------------------------
Internal Virus Database is out of date.
Checked by AVG - http://www.avg.com
Version: 8.0.176 / Virus Database: 270.9.10/1815 - Release Date: 11/27/2008
9:02 AM
--
I am using the free version of SPAMfighter.
We are a community of 5.7 million users fighting spam.
SPAMfighter has removed 19276 of my spam emails to date.
Get the free SPAMfighter here: http://www.spamfighter.com/len
The Professional version does not have this message
|
Re: [socialcredit]
Reply to this message