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Re: Re: 100 percen Joe Thom
RE: question regar John G R
RE: Re: 100 percen John G R
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Student Debt in Ca Wallace
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a "well-researched william_
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Subject:RE: [socialcredit] Re: 100 percent reserve system
Date:Tuesday, May 19, 2009  21:12:00 (+0000)
From:John G Rawson <johngrawson @.......com>
In reply to:Message 6754 (written by william_b_ryan)

Bill, you are basing your approach on your weird American system where, whether publicly owned or not, your central bank acts as if it was private. Otherwise, your government could not be in debt to it. (Or does it simply sell the debt on, like our Debt Management Office?)
With a publicly owned Reserve bank in NZ, we propose that only it shall have the right to issue new money. Because of your system, Zarlenga is focussing on your Treasury. Pure S C would use a Credit Authority. (Our present policy is to use the R B as an independent authority, as well as its central bank functions, but we are aware the purer S C method may be needed, and have this under discussion.)
Against all this is the fact that banks do create money, it is one of their functions like breathing is to us, and they can not be stopped from doing so.
This is why I am so keem on Martin's approach that they shall not have the right to increase the money supply and claim the increase as their own. I.e., they shall be deemed to have used the nations credit and be subject to some overall controls in the process.
Regards.
John R.



 
> Date: Tue, 19 May 2009 11:08:08 -0700
> From: william_b_ryan@yahoo.com
> To: socialcredit@elistas.com
> Subject: [socialcredit] Re: 100 percent reserve system
>
> "Like Bill McGunnigle, you have badly misinterpreted the proposed 100% reserve system. It is not a fractional reserve system. Read my latest reply to Bill, and it should become clearer."
>
> John Hermann
> -------------------------------------------------------
> --------------------------------------------------------
>
> Okay, John, here's your reply to Bill McGunnigle:
>
> "It is still a Fractional Reserve system,
>
> "No it is not. In the proposed system, commercial banks would no longer exist. They would be transformed into commercial on-lending institutions, which would no longer have the power to create credit money."
> -------------------------------------------------------
> --------------------------------------------------------
>
> But there is one bank in Hummel's system that is not required to keep one hundred percent backing for loans:
>
> "Bank credit money would no longer exist. The money supply could change only as a result of open market operations or lending by the central bank."
>
> The validity of Hummel's assertion depends on the peculiar logic that the central bank is not a bank, and that the term "credit money" does not include the "credit money" that is created by the central bank.
>
> And at first blush this appears to be the opposite of what Zarlenga is proposing. He wants the central government through its Treasury to have the monopoly over money creation. So in his system the Treasury is acting like a bank in granting credits to the central and other governments, and extending "interest free" loans to the other governments. In Zarlenga's non-English terminology (It is non-English because he is using words in something other than the definitions found in ordinary dictionaries) the system is "one-hundred percent" because all the banks other than the monopoly Treasury bank is constrained by the one-hundred percent requirement. Zarlenga either does not understand the implications of his proposal, or is lying to us through his peculiar use of language.
>
> But they are simply not constrained in the way that he thinks or implies to us by that requirement. Banks are permitted to maintain "demand" and "savings" accounts in Zarlenga's (and also Hummel's) system. They are required to maintain one hundred percent reserves only against demand accounts. So if they are able to persuade their customers to transfer their deposits from demand to savings accounts, the banks are able to grant loans. Bank credit money is being created. The totality of deposits, which are obligations of the banks, will exceed the totality of their reserves.
>
> What we really have with these so-called one hundred percent reserve systems are fractional reserve systems with very centralized control. These true believers are promoting essentially the same banking system the Soviet Union had for seventy years.
>
> And it is not just the banking system, but also the very system of free enterprise itself that is jeopardized by these proposals.
>
> Attached is a diagram from Bud Conrad. If you will notice, household debt exceeds that of government at all levels, followed by debt incurred by the business sector. That is to say, money is spent into circulation, with accommodation by the banks, by all economic sectors. In the so-called one hundred percent reserve system, most of that is shifted over to the central government.
>
> The monetary flux-reflux mechanism is fundamentally altered. I haven't quite figured out how profit and loss could be calculated through double entry accounting in a system where money creation is entirely dependent on government deficit spending.
>
> Very early on the Soviet Union outlawed double entry accounting, because it is the only known method for calculating profit and loss, and in their ideology there was no profit or loss in their Utopian state. But making double entry accounting impossible to work accomplishes the same thing. It makes free enterprise impossible to function. So double entry accounting becomes irrelevant.
>
>
>
>
> ---------------------------------------------------------------------
> 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 johngrawson@hotmail.com
> For more information, visit http://www.eListas.com/list/socialcredit


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