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Subject:[socialcredit] The Money System Triggered the Bankruptcy of General Motors
Date:Wednesday, June 10, 2009  00:33:22 (-0500)
From:Arian F. Nevin <afnafn @.....com>

In a general sense the article is in accord with the ideas of Social Credit. 
Thomas Friedman believes G.M. is a “giant wealth-destruction machine.” 
He’s dead wrong. General Motors was, is and will be a giant 
wealth-production machine. Industry produces wealth, and G.M. is the 
victim of an unsound money system. 
The abysmal state of the world economy has no physical cause. We have 
not run out of resources, factories, people, or suffered a cataclysm. 
All over the world, the unemployed are willing and eager to work, but 
are prevented from earning a livelihood because they cannot find work. 
An upside down notion of national economic wealth and an unsound 
monetary system are at fault. 
The wealth of a nation is fundamentally based on the physical wealth 
it creates. Physical wealth consists of things that are beneficial to 
human life such as food, houses, clothes, cars, etc. The foundation of 
a nation’s wealth is the industries that create physical wealth: raw 
material extraction, energy, agriculture, and manufacturing. To become 
wealthy, a nation must produce and consume wealth. A nation is not 
made wealthy through banking, finance, litigation, or insurance. 
Individuals correctly regard the money they possess and the money they 
are owed as part of their wealth. But, while debt and money are 
ultimately ways for individuals to obtain wealth, they are not wealth 
in and of themselves. Money is simply the medium by which we exchange 
physical wealth. Money and debt are simply human conventions having no 
intrinsic value in themselves. Thus, for a nation to be wealthy, it 
must produce physical value. A nation should not and cannot consider 
the money and debt it holds as wealth. If a nation were to have ten 
times as much money as it does now, physically it would not have any 
more wealth than before. Thus, though an individual can be made very 
wealthy by accumulating money, a nation cannot. 
Nobel laureate, Frederick Soddy, distinguished between individual 
economics and national economics. Economists conflate the two and 
ruinously apply the principles of individual economics to the nation. 
In individual economics, outsourcing jobs, work, and entire industries 
is beneficial. With lower costs a company is able to increase its 
profits. However, from a national perspective we are worse off, 
because we are producing less and have fewer jobs. Individual profits 
are increased, while the nation is impoverished. Applying the 
principles of individual economics to the nation results in a steadily 
declining standard of living and increasing unemployment. 
The mentality of economists such as Friedman is outdated and wrong. 
Vincent Vickers, former director of the Bank of England, described 
their mentality thusly: “Without money, nothing can be bought and 
nothing sold. Therefore nothing matters but money.” Thereby, G.M. 
becomes a “wealth-destruction machine” because it is not making a 
profit. But, in Friedman’s eyes Google, which he lauds, is creating 
wealth because it is profiting, although it produces nothing and 
profits by selling ads. By regarding money rather than production as 
the primary factor that drives a nation’s economy, economists have 
mistaken the shadow for the substance. 
The bankrupt ideas of economists are ruining our nation. American 
industry can produce far more than the public can purchase. If 
everything produced could be purchased, we would have more jobs 
because more production requires more employees. We would be wealthier 
and have a higher standard of living. Americans want to work and are 
capable of producing. All that is missing is the power to purchase. 
The power to purchase is limited because the supply of money is 
completely controlled by the private banking system. We have bank-made 
rather than government-made money, and banks only create money for the 
purpose of receiving interest. Today, money is only created so that 
debt can be created and interest charged on that debt. Money is lent 
into existence by banks rather than spent into existence by the 
government. Only an insignificant amount of money is cash, and the 
rest exists solely as data entries in bank computers. Banks create and 
destroy money simply by modifying entries in a spreadsheet. While it 
is commonly believed that banks lend their depositors’ money, this is 
false. Whenever banks loan money, they create entirely new money that 
didn’t exist before. 
Any economic system that prevents production from being distributed is 
fundamentally flawed. The people must demand the government institute 
a sound money system run in the public interest rather than let 
private corporations run the system for profit at the public’s 
expense. A sound monetary system would provide as much money as needed 
and in such a way that it allows the exchange of all physical wealth 
produced by the nation. Only then will our nation no longer be subject 
to the random vagaries of economic boom and bust cycles driven by 
speculative bubbles, private financial interests, and a corrupt money 
system. If we already had a sound money system, right now GM would be 
one of the strongest wealth producers on the planet, employing more 
people than ever, and making a healthy profit. The fastest road to 
economic recovery is to institute a sound money system. 
Arian Nevin is the author of National Economy: The Way to Abundance. 
His website is www.nationaleconomy.net . 

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