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Hi Joe,

Appreciate your points. I was not aware of your previous exchanges with the redoubtable Don B. and essays of persuasion based on philosophical dogma or misinterpretation of reality are no substitute for argument based on logic. It is not logical to have governments hamstrung in carrying out their responsibilities to those who they purport to represent by adhereing to and defending the right of the private owners of the debt mechanism to dictate the terms and conditions on which 'money' is made available for public provision.

The NZ Democrats may have some policies 'set in stone' but that doesn't necessarily mean they are based in what I, and a number of other members, regard as Social Credit and there is indeed considerable debate ongoing as to what should be included and excluded.

In regard to the BC situation it is obvious from what you write that the 'debt free' facility was in effect a grant and as such a clear addition to the money supply. Of course there would be an element of inflationary pressure, not so much from the original $450 million but from the process of that money multiplying the ability of the banking system to expand their lending. There is a vast difference in outcome between issuing new currency (printing money) and making available a measured amount of interest free funding for specific infrastructural assets that will contribute to increased productive capacity and a better lifestyle for everyone.

If the 450 million had been an interest free credit facility which was cancelled on repayment, obviously the inflationary aspect would not have been an issue.

The process of using interest free funding for essential infrastructural assets must initially be targeted at backing debt out the economy and thus creating greater stability in the financial system and a stable foundation for the policy of a philosophy as envisaged by Douglas.

All the best

Trevor

----- Original Message -----

From: Joe Thomson

To: socialcredit@elistas.com

Sent: Wednesday, March 09, 2005 5:19 PM

Subject: Re: [socialcredit] Re: Re: in continuing reply to Jim Schroeder

Hello Trevor,

Thanks for your well written and thorough reply. As you probably are aware already from my previous exchanges with Don Bethune, I'm not going to try to engage in ''essays in persuasion'' where my own views of 'social credit' conflict with those of many down under. I realize the "N Z Democrats for 'Social Credit'" seem to have their policies pretty well set, (in stone? ~ well, perhaps! ), and far be it from me to try and change them. I'll be observing with great interest to see how they come out if you're successful electorally, which I sincerely hope one day you will be.

As regards one thing in your reply, where you wrote,

"The situation you describe in BC stems from using the process of peeling off existing debt based money and applying that to a project as 'debt-free'funding when in reality it is absolutely not. Nor is it Social Credit as I envision the concept."

I can fully agree with the latter sentence, but not really with the first one. It was 'debt-based' money to the US government, of that there's little doubt. But it was 'debt-free' to us, since we didn't have to pay it back. (In fact, if I recall correctly, Premier Bennett loaned $450 million of it to Quebec for that Province to initiate their hydro-electric power developments, since we didn't need it all at once. And made a pretty good 'interest' return on it in the process.)

The point is, though, the spending of that and other infrastructure development funds did fuel an 'inflation' here in BC. At first it wasn't very noticeable. But shortly it became a rather pressing problem, since the raising of wage rates to try to keep up with rapidly rising consumer prices made many BC exports increasingly uncompetitive. It also led to public sector wage demands being made which tried to parallel settlements in private industry. And when Premier Bennett tried to control that, it led to the downfall of BC's most successful government.

It should be noted that Major Douglas, in giving evidence before an Alberta Legislature committee was once asked:-

Q. ~ "Looking at Canada as a unit, rather than as Provinces, you would consider~I would like to get your opinion on this because it is one on which I know there are differences of opinion~would you consider that the idea of the Dominion simply issuing new currency for the purposes of building public works is a method of carrying into effect in any way the idea of social credit?"

A. (Major Douglas). ~ "It would be absolutely catastrophic"

Hopefully, one day, some time and some place, the 'Douglas' version of Social Credit will get a fair trial. I think that place, wherever it ends up being, will be quite pleased with the results.

Best regards,

Joe Thomson.
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