THE OFFICIAL JOURNAL OF THE SOCIAL CREDIT SECRETARIAT £1· -LTHE

For Political and Economic Realism Volume 79 No.2 March - April 2000

MONEY AND THE PRICE SYSTEMBy C.H. Douglas

A speech given at Oslo on 14 February 1935 to H.M. The King of Norway, H.E. The British Minister,The President, and Members of the Oslo Merchants Club.

It may strike readers as remarkable, that thesocio-economic problems with which we areonly too familiar today - "unemployment"and poverty, environmental stress, debt andsocial breakdown, globalisation - are so

'-" similar to those which were central to thetheme of C.H.Douglas's speech in Oslo aslong ago as 1935, and which still troubledthe members r.if the Congregational Unionof Scotland in the late 1950s and early1960s.

In this speech by Douglas and theReport of the Congregational Union ojScotland (both serialised in this andsubsequent issues r.if TSC), which refleaedso much of the Douglas analysis, it ispossible to understand why this is so and,more importantly, to distinguish the[u ndoment al reform needed beforeresolution of these problems can becomepossible.

inside this issuePAGES 13-14

You Cannot Expect an Egg to CrowPAGE 14

Book ReviewPAGES 15-17

Wealth - A Christian ViewPAGE 18

A Letter from BulawayoPAGE 19

Where Does Responsibility Lie?

Your Majesty, Mr. President,Members and Guests of the

Handelsstands Forening, Oslo: May Ifirst of all thank you for your verykind reception to-night and at thesame time take this opportunity ofthanking Norway, so far as I have metit, for the exceptionally kindreception which it has given me ?

If anything could add to the senseof responsibility which I have inspeaking before so distinguished anaudience, it would be the necessity ofrepaying that kindness by sayingnothing to you which I, at any rate,do not believe myself.

Now there is, of course, in theworld a good deal of discussion inregard to what we shall call the crisis,matters of unemployment, theeconomic depression and other names

we give to our present state of affairs.I feel, myself, having been in closecontact with this matter for the pastfourteen or fifteen years, that a greatdeal of misunderstanding whichsurrounds the various proposals madefor dealing with this crisis arises froman unfamiliarity with the actualsystem, and more particularly themonetary system, under which welive at the present time. I feelconfident that the objections putforward to certain remedial proposalsare honest objections, but that theyare based, not so much on anythingwhich is contained in those proposals,as on an honest misunderstanding ofwhat really happens in the world atthe present time. Therefore I amgoing to ask you to bear with mewhile I go over certain features of the

The Political Economy of Social Credit and Guild SocialismFrances Hutchinson and Brian Burkitt

Published by Routledge (1997) in its hard back series Studies in theHistory of Economics. Price £55.00

This book represents a very significant contribution to understanding the rootsand continuing significance of the Social Credit analysis and prescription forprofound economic reform. Agreeing with the authors that "following half acentury of neglect. these texts possess the potential to provide the basis for anew economics of co-operation" the Secretariat has a few copies available toreaders at £25.00 including post and packing. on a first come. first served basis.

Please make cheques payable to "KRP Ltd." and order from: Ronald Macintyre,Secretary, The Social Credit Secretariat, 16 Forth Street, Edinburgh, EH 1 3LH.

n..~~«.._"'_"'c,_-'co.....s..:w;.."-"'~........... '"

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existing state of affairs and themisunderstandings which areconnected with it.

It is said that where six economistsare gathered together there are sevenopinions. That is, to some extent, thesituation, I think, all over the world.The only alternative to agreeing thatthis is so would be to assume thatnine people out of ten are dishonest,an assumption which I certainly amnot willing to accept. The situation iscomplicated by a large number ofphrases - I don't know whether youhave them in Norwegian but we havethem in English - but they aremisleading. For instance, we hear, orwe did hear in the happy days goneby, that, let us say, Mr. jones was"making money." Mr. jones was abootmaker or a brewer, or somethingof that kind, or a manufacturer ofmotor cars.

HOW MONEY IS MADE

Now the first thing I think that wehave to recognise - a thing which isquite incontestable - is that there areonly three classes of people in theworld who make money, in any literalsense of the word. In Great Britain,for example, there is the Master ofHis Majesty's Mint, who makes metalcoinage, and, after a long andhonourable career, he generally gets alittle bit of red ribbon - a KnightCommandership of the Bath - and agood salary. There is the gentlemanwho sets up a little plant of his ownand either makes counterfeit coins orwrites very delicately executedsignatures on pieces of special paper.He "makes" money, but he gets as areward fifteen years imprisonment.There is the third who, in regard tothis matter, is much less advertisedand much more retiring, and that isthe banker, and it is he, in the literalsense of the word, who makes over90 per cent. of the actual money thatwe use. When I say "makes it" Imean exactly what I am saying ;he makes it in exactly the samesense that the brickmaker makesbricks, and not in the sense thatMr. Jones makes money; Mr.

Jones only gets it from somebodyelse, but the banker makes it.(emphasis added)

The method by which the bankermakes money is ingenious, andconsists very largely of bookkeeping.

There is not, I think, in well-informed circles really any discussionin regard to the matter itself.Chairmen of some of the big Englishbanks still deny that bankers makemoney in the sense that I mean, but Idon't think anybody pays muchattention to them. The"Encyclopaedia Britannica" whichmost people accept as a fairly soundand reputable authority, states that"bankers create the means of paymentout of nothing". The Chairman ofthe Midland Bank, the RightHonourable Reginald McKenna, putthe matter as shortly as I think it canbe put when he said that every bankloan creates a deposit, the repaymentof every bank loan destroys adeposit; the purchase of a security bya bank creates a deposit and the saleof a security by a bank destroys adeposit.

There you have, in as short acompass as possible, a quiteundeniable statement of wheremoney comes from. All, but 0.7 ofone per cent. (or over 99per cent.), inGreat Britain at any rate, of themoney transactions - without whichnone of us under modern conditionscould exist - are in the form of "bankcredit", which is actually manu-factured by the banking system and isclaimed by the banking system as itsown property. That is undeniablybecause the banking system lends thismoney (it does not give it), acondition of affairs which will beaccepted by anybody as sufficientproof of a claim to ownership.(l)

Over against that, you have themanufacturer of real wealth, by whichI mean things which money will buy,clothes, houses, motor cars, the thingsthat go to raise the physical standardof living, and embroider ourcivilisation. We realise, I suppose,without having it emphasised toomuch, that the possession of money isa claim upon real wealth: some of us

2

who have not gone into these mattersfor any length of time are stillhypnotised into thinking that moneyis real wealth. I am sure, in anaudience of this calibre, it is not~necessary to emphasise this: money isnot real wealth. N ow classicaleconomics is based unquestionably, inmy opinion, on "barter" economics,and this is where the classicaleconomics parts with what we arebeginning to call the new and, in myopinion, the real economics.

MONEY NOW AS A MEANSOF DISTRIBUTION

The classical economics works on theassumption that the nature of moneyis that it is a medium of exchange.That idea proceeds from a state ofaffairs which was, at any rate broadlyspeaking, true perhaps 200 years ago.It was the assumption that in somesense or other, from the highest tothe lowest, everybody worked, andthat they exchanged or bartered thefruits of their work with each otherthrough the medium of money, so far '-fJas it was used. The idea was that youhad a constant exchange of goods andservices between, let us say, A, BandC; and the whole of the classicaleconomics is really based upon thatidea, that we are all of us producersand consumers in the economicsense, and that the function of moneyis to exchange between ourselves thegoods and services which each of usproduces.

Whatever may at one time havebeen the truth of this, it is, of course,patently not true now. The moderneconomic production system is not asystem of individual production andexchange of production betweenindividuals. It is more and more thesynthetic assembly, in a central pool,of wealth consisting of goods andservices which are preponderatinglydue to the use of power, to modernscientific processes and all sorts oforganisations and other constituentcontributions of each one of uswhich will occur to you. Theproblem is not to exchange theconstituent contributions of each one

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of us to that central pool, because infact our contribution to that centralpool, in the ordinary sense of tangibleeconomic things, is becoming smallernd smaller.

The correct picture - theincontestably exact picture of themodern production system - is, to mymind, based upon a kind oftypewriter with a decreasing numberof operators who are tapping thekeys, and, by tapping these keys,fewer and fewer operators canproduce all that we require. Throughthe power of the sun (oil power,steam power and so forth consist ofwhat is generalised as solar energy)the so-calJed curse of Adam is beingtransferred from the backs of men tomachines, so that a small number ofpersons operating on this machine ofindustrial "production", can produceall that is required for the use of thepopulation. And the problem is notto exchange between the numberof the population, who are less andless required to push keys, hut it is todraw from this central pool ofwealth by means of what can bevisualised as a ticket system.

And the modern money system isin fact losing almost daily its aspect,however much it may at one timehave been true, of a medium ofexchange, and is becoming more andmore a ticket system by whichpeople, who are not exchanging theirproduction, can draw from thatcentral pool of wealth.

That I believe at bottom to be thefundamental cleavage between, let ussay, my own view and those whothink with me, and the school ofclassical economics.

PRICE SYSTEM NOT SELFREGULATING

Now when it was true that moneywas a medium of exchange and thateveryone was more or less employedin a productive system, it was quiteobviously true that the price systemwas what is called self-liquidating. Imust ask you to allow me to elaboratethis a little, as it is very vital. It isperfectly obvious that if I make a pair

of shoes and charge Kr.l0 for them,the amount which you have given forthose shoes has in a sense beendistributed; it has come to me as anindividual and I am able to spend thatKr.l0 on buying ten kroners' worthof things, say five kroners' worth ofleather and five kroners' worth ofbread. The fact that the system is self-liquidating, that it will go on workingmore or less indefinitely is self-evident; and this is the assumption ofthe classical economists, one to whichthey adhere strenuously for reasonswhich I shall want to touch on. It isnot too much to say that the wholeeconomic and financial system in itspresent form stands or falls by thecontention that the present pricesystem is self-liquidating, that is tosay, that no matter what price ischarged for an article, there is alwayssufficient money distributed throughthe production of that or otherarticles to buy the article andtherefore there is nothing inherent inthe system, so far as the price systemis concerned, to prevent the processgoing on indefinitely.

Now I am not going into theanalytical proofs of the fact that thisbelief is not true, although rigidproofs to this effect exist, but I willask you to consider the quiteindisputable inductive proofs. I willask you to consider what you see inthe world, which leads you to assumethat the price system is not self-liquidating. There is, of course, thatsomewhat overworked phrase, theparadox of "Poverty amidst Plenty."In his lecture here in Oslo the otherday, the Dean of Canterbury spoke ofthe enormous quantities of valuablefoodstuffs, production and so forth,for which there is everywhere a greatdemand and for which there is nopurchasing power.

There are many instances of thatkind. Some of them are less obviousthan the mere brutal destruction ofproducts. The fact that half thefactories are semi-employed and thatfarms are decreasing their production,that in America the supply of cottonon account of so-called over-production is bei~ restricted, would

in itself suggest that there is notsufficient purchasing power to buythe goods which are for sale, at theprices at which they are for sale. Butwhat is said by the classicaleconomists, is that there are times inwhich such a state of affairs exists, butthat these times are only temporary.There are times which we calldepression; but it is just as true, theysay, that in times of boom there ismore money than is required for thepurchase of goods, as that in times ofdepression there is less money, andthat on the average the system isperfectly automatic and self-liquidating.

THE PHENOMENALINCREASE IN DEBT

Now there is one proof I think - oneinductive proof - which puts thisquestion beyond any discussionwhatever and that is the question ofthe rise of debt. It must, I think, bequite obvious to anybody that if theworld as a whole is consistentlygetting further and further into debt,it is not, as the ordinary business manwould say, paying its way, and if it isnot paying its way it is quite obviousthat the price system demands of itmore purchasing power than isavailable. The public is paying all itcan, and buying what it can of thetotal production. The failure to paymore is therefore forcing thedestruction of some of it and at thesame time it is piling up debt, which

"It must, I think, be quiteobvious to anybody that if the

world as a whole is consistentlygetting further and further intodebt, it is not, as the ordinary

business man would say, payingits way, and if it is not payingits way it is quite obvious thatthe price system demands of itmore purchasing power than

is available. JJ

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means that, to be self-liquidating, thepurchasing public ought to pay agreat deal more than it is in factpaymg.

If I as an individual require, let ussay, 10,000 kroners' worth of goodsper annum, and, while getting that10,000 kroners' worth of goods perannum, I get into debt to the extentof 10,000 kroner per annum, then itis quite obvious that the real pricewhich I ought to be paying - in orderthat the system could go on for ever -is Kr.20,000 for what I am getting forKr. 10,000 and borrowing Kr. 10,000to pay in addition. If you are runningup a debt continuously you are notpaying your way. The real price thatyou are being asked to pay for thethings you use in your daily life iswhat you do in fact pay, plus what thesystem says you ought to pay; andwhat you ought to pay is the debt.

In the year 1694 the Bank ofEngland was formed in Great Britain,and I am very sorry to say that thereare grave suspicions that the Bank ofEngland has a great deal to dofundamentally with the present stateof affairs, and that the system that wasunfortunately inaugurated at the timeof the founding of the Bank ofEngland has probably more to dowith the present crisis than any othersingle factor. In the 17th.century, thatis to say, in the century in which theBank of England was founded, theworld debt - and we have prettyaccurate figures with regard to thesematters - increased 47%. The bank ofEngland was founded only at the endof the 17th. century.

By the end of the 18th. centurythe world debt had increased by 466per cent., and by the end of the19th. century the world debt, publicand private, had increased by 12,000per cent.; and, according to somevery exact calculations which havebeen carried out by a quiteirreproachable professor of industrialengineering of Columbia University,Professor Rautenstrauch, taking theyear 1800 as the origin and takingone hundred years as the unit, theworld debt is now increasing as thefourth power of time, that is to say,

not increasing directly as time goeson, not as the square of time and notof the cube of time, but as thefourth power of time! And that isin spite of the numerous repudiationsof debt, the writing down of debtswhich takes place with everybankruptcy, and other methods usedto write off debts and startagain.(emphasis added)

That to my mind, and to anybodywho will appreciate what its realmeaning is, is an indisputable proofthat the present financial price systemis not merely not self-liquidating, butis decreasingly self-liquidating. Wealso know that in fact, in those timesof boom which are referred to byeconomists as proving that it is self-liquidating, the rate of increase ofdebt is greater than in times ofdepression. So that in reality, even intimes of boom, there is nojustification for saying that at anytime of the trade cycle, the pricesystem is self-liquidating.

Now that matter is very importantindeed. When I was in Australia lastyear on a short visit to most of theAustralian States, you could go intoany bank in Australia and they wouldgive you Kr.4 worth of very nicelybound books to prove that anything Isaid on this subject was nonsense.The arguments used to emphasise theself-liquidating theory were, some ofthem, so childish and absurd that theywere rapidly withdrawn. Of course itmight be asked, Why this resistanceto the idea that the price system isnot self-liquidating? And if it can beproved, as it can be proved, that it isnot self-liquidating, why not acceptthe fact and act upon it? The answeris twofold.

The first reason is that, if it is truethat there is always extant sufficientpurchasing power to buy goods, thenit must be true that the poor are poorbecause the rich are rich, and itfollows that the correct method ofdealing with the present situation isto tax the rich in order that themoney be given to the poor.

Now I am not familiar with, and Ishould not, of course, presume tocomment upon, the public finances of

4

Norway, but, so far as Great Britain isconcerned - taxation in Great Britainis, I think, twice as heavy as that inany other country in the world -more than half of its taxation is in~connection with what are callednational debts, war loans, consols andthings of that kind. If you investigatethe facts as to the ownership of theseworld debts and war loans you willfind them preponderatingly held bylarge financial institutions. You haveat once a very good business reasonfor large quantities of taxation if halfof it goes to the service of nationalloans, which are held by largefinancial institutions. That, as anordinary business proposition, isobvious. It is still more obvious whenyou consider that these debts wereactually created in the first place byfinancial institutions, by the lendingof that money to governments, andthe receiving in return of large blocksof national securities which thefinancial institutions receive fornothing.

Note:1. The only "legal-tender" in GreatBritain is coin and banknotes ofwhich at the date of this addressperhaps £200,000,000 is incirculation, and about the sameamount is in the banks. The bankclearings amount to about£39,000,000,000 per annum.

(To be continued in May/June issue:THE MONOPOLY OF CREDIT,NATIONAL DIVIDEND and JUSTPRICE)

QUOTE"The hinge of the wholesituation was this: thegovernment itself was not to bethe substantive power in mattersof Finance, but was to leave theMoney Power supreme and Ivunquestioned. "Prime Minister, W.Gladstone,1852

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YOU CANNOT EXPECT AN EGG TO CROW

TITANIC

Inthe closing years of the twentiethcentury Betsy Taylor commented:

"It's interesting that the greatestblockbuster movie we have at themoment is Titanic. On some level Ithink it captures the story of ourtimes: high living in the moment.Tremendous faith in technologicalfixes. Denial of warnings. Repeatedavoidance of signs of trouble. A finalcatastrophe. This seems to be a storythat deeply resonates with people inthe late 20th century." Despiterepeated warnings, from the days ofDouglas and Orage in the early 1920sto the present, and a wealth ofinformation technology, there seemsto be very little to be done, apart fromwaiting for the inevitable crash tohappen.

TRAPPED!

In theory, as we move into thetwenty-first century, technologicalprogress offers the potential forunlimited production, ushering in theage of leisure. In practice, we are inthe age of over-production, over-consumption and over-work. As julietSchor has shown, people in the USfeel trapped into the "work-and-spend" cycle. In researching her book,The Overworked American, julietSchor was asked repeatedly how toescape from the cycle. If they stopworking on terms dictated by theiremployers, and try to spend more timeon their homes and families and lesson consumer goods, they findthemselves without any income at all.Ecologically and psychologicallydegrading though the situation is,most families in the US remaindependent upon an income from anemployer. Sixty per cent of familiescould maintain their standard of livingfor only one month if their incomedisappeared, and a further twenty per

By Frances Hutchinson

cent could maintain it for only threemonths. "That means that 80 per centof the population is living at anincredibly high level of economicinsecurity every day, whether or notthey're consciously aware of it." Thesituation is much the same throughoutthe so-called 'developed' world.Decade by decade throughout thetwentieth century, "useless, wastefuland degrading employment" (Wealth:A Christian View) has produced foodsurpluses, masses of tawdry consumergoods and ecological degradation onan unprecedented scale.

APOCALYPSE

Nevertheless, as Adrian Hastings,emeritus professor of theology at LeedsUniversity has recently observed, inthe absence of a change of heart,people will look back on the finalyears of the twentieth century as "ablissful era of security and peace". It isvery likely that the whole ecologicalbalance of the world will change onlines already predicted. As food chainsand habitats are altered, with land,water and other vital resourcesbecoming scarce, the economy will bechanged beyond recognition. Asmature adults, babies born today will,be "cursing Tony Blair and his entirepolitical generation world wide fordoing so little to diminish the advanceof global warming when somethingwas still possible". Furthermore,Hastings concludes, "they will mournthe blindness of their parents whoplayed the fool so spectacularly withmillennium domes while the world'sforests were cut down and motor carsproliferated" .

AGE OF LEISURE?

The first step is to question the verynotion of progress from a barbarianpast to a civilised present. A keyreason for the Douglas' failure to

5

maintain the middle ground in politicswas his understandable inability toclarify the relationship between hisfaith in technological progress and hisnotions of sufficiency. As an engineer,he foresaw the end of routine, heavyand degrading work, heralding an ageof leisure. However, in later yearsSocial Credit appeared more closelyaffiliated to consumerism, adeceptively easy means of enablingpeople to have everything theywanted, than to the artistic andspiritual aspirations and a concern fornature. These concerns can be tracedthrough from the work of WilliamMorris to that of the Soil Associationtoday. In the absence of anunderstanding of its underlyingphilosophy, Social Credit became asitting target. If people had a NationalDividend, who would do the routinework? Certain tasks could not bemechanised, and the machinesthemselves would have to bemaintained. Looked at in that way, thelater Douglas appeared to have noconvincing answers.

On the capacity of technology tothrow people out of work, Douglas'early work was clairvoyant. In thecurrent issue of New Internationalist(No.320) Wayne Ellwood quotes fromhis local paper: "Sony Corporationshares surged 8.9 per cent yesterdayafter it announced plans to cut ten percent of its work force and close abouta fifth of its factories over four years",throwing 17,000 people out of work."Could anything be clearer about thescrewed-up priorities of the globaleconomy?" Elwood asks. "Closefactories, put people out of work andwatch your stock value soar." Pertinentthough these questions may be,however, work still has to be done.How work is to be organised, andwhat forms it might take, are keyquestions which monetary reformalone will not solve. Meanwhile, thepresent system works fine for the

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'powers that be'. Hence they will not(to borrow a phrase from SusanGeorge) suddenly slap their foreheadsand capitulate to demands for change.It is worth examining the presentsituation a little more closely.

THE NOTION OF PROGRESS

"You can't stop progress!" "Change isinevitable!" "It's no good being behindthe times!" Although these emptyphrases have become everyday cliches.They mean very little. What wouldhappen if we got left behind? Where iseverybody going? The world islabouring under an illusion ofprogress. Apparently, farming and theagricultural revolution meant thathumans did not need to rely on natureany more. Then came the industrialrevolution, which abolished work,while providing all the goods foreverybody's needs. Now thetechnological revolution offers instantcommunication across the world,freeing people from dependence uponthe local community, as the printedword failed to do.

In the future "we" will have nowork to do, except to call up all ourdesires from the magic chip. Theremay be problems for some. If labour isnow a commodity, it can be boughtcheaply if there is plenty of it. So workgoes to those who will receive least fordoing it. The technological revolutionenables 'us' to locate them instantly -all 1 billion of "them", in the poorestcountries. UK student loans areprocessed in Sri Lanka, air line ticketsin India and so on. Meanwhile, thedeclining industrial communities inthe so-called 'developed' world facemass unemployment.

But, not to worry. As a recent chatshow guest commented on Radio 4recently, "The good thing about thetechnological revolution is that mykids won't have to work in factories,down the mines or as farmers. They'lluse their brains." When "the machinestops" (a reference to the EM Forstershort story of that title) they willindeed need to use their brains todiscover where their next meal iscoming from. That such catastrophic

failure to engage in joined-up thinkingcan be broadcast in all seriousnessindicates how little progress has beenmade since Douglas publishedEconomic Democracy (1918-20).

THE WAY AHEAD

Although "You cannot expect an eggto crow" (remark attributed to AlfredOrage), you can take steps to locatethe egg in order to brood, hatch andrear the bird. The starting point fordevelopment of a new economics isencapsulated in the work of CHDouglas. It is not only the poor whoare threatened with income insecurity.Most people could not survive forvery long without a money income.Only the very rich at the very top ofthe international trading elite have asufficiently large portfolio of assets tosurvive virtually all financial shocksshort of total systems failure. Tosurvive, the very rich need the world'snatural resources. And they can choosewho to share them with. The starkchoice is between begging crumbsfrom their table, or forging a newrecipe for creating the cake itself.Following a spate of indications offinancial, ecological and social melt-down, the time has come for someconstructive thought on ways to buildon the Douglas foundations.

Monetary reform alone will notsolve all the problems. Nevertheless,the first pre-requisite for change is areformed attitude towards money.What money is, how it functions inthe economy and how choices areranked in the course of using moneyare big issues requiring somethingmore than a passing thought. So longas people draw wages, salaries andpensions without asking fundamentalquestions about the source of theirmoney incomes, the scenario outlinedby Professor Hastings looms large.

REFERENCES:Unless otherwise indicated, the referenceswere taken from an article in Yes! AJournal of Positive Futures, Summer 1998(Available from PO Box 10818,Bainbridge Island, W A, 98110).

The quotation from Adrian James wasfrom an article in Tits Tablet, 8 Jan. 2000.

Bookreviewby Ron Morrison

THE ECOLOGY OF MONEYBy Richard Douthwaite

The Ecology of Money is the latest ina series of Schumacher SocietyBriefings.

In only eighty pages writer andeconomist Richard Douthwaitefi rml y iden ti fi es ou r sys tem ofbank-created credit as the primaryforce driving our economic system.The priorities which should beordering our activities - such asquality of life, relief of poverty andsustainable development havebecome side issues to the imperativeof making more and more money.

The book analyses the historyand functions of money in a wellresearched and readable mannerwithout resort to the gobbledygookand the jargon of bankers andIJmainstream economists. Itprogresses to review various currentproposals for Monetary Reform andto consider how these mightimprove matters. Finally the globaleconomy is examined and aproposal drafted whereby nationswould settle their internationalpayments with a new currencydenominated in ebcus - EnergyBacked Currency Units, designed asa means of exchange not basedupon gold as in the past, but uponthe right of nations to burn non-renewable fuels and emitgreenhouse gasses.

The book makes a worthwhilecontribution to the growing libraryof references on Monetary Reformand is good value at £5.00.

Richard Douthwaite is a formerprofessional economist, having been ~advisor to the governments of Jamaicaand Monserrat.The Ecology of Money is published byGreen Books, Foxhole, Dartington,Devon TQ9 6EB.

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WEALTH - A CHRISTIAN VIEWFIRST REPORT of the CHRISTIAN DOCTRINE of WEALTH COMMITTEE of the

CONGREGATIONAL UNION OF SCOTLANDPresented to the Assembly at Dundee on May 10th., 1962

With a Foreword by The Very Rev. Dr. George F. MacLeod, M.C., D.D.

In the early 19605 Prime Minister Harold MacMillan suggestedto the people of Britain that we had "never had it so good" and agreat many people seemed inclined to accept that proposition.Members of the Congregational Union r.if Scotland at that time,however, begged to differ. They could see, behind MacMillan'smirage, the reality of continuing widespread poverty andmalnutrition, crippling indebtedness and exploitation oJ the ThirdWorld with which we have become all too familiar today. It ishardly surprising therejore, that their analysis and proposals for

change, rtjlected in the Findings of their enquiry, are still socompletely relevant nearly forty years on. Following publication r.ifthe Report there was extended debate in the media and our hopetoday is that, by serialising the Report in this and subsequentissues r.if TSC, we might help stimulate again a lively debate onthe root causes and solutions to the socio-economic andenvironmental problems which, without reiorm, must continue toplague the world's people. The Report is re-printed in serialform with permission of Stuart Titles Limited.

FOREWORDBy The Very Rev. Dr. George F.MacLeod, M.e., D. D.Former Moderator of the GeneralAssembly of the Church of Scotland

Ifall the starving (not just theundernourished) children in the

world were lined up, one behind theother, starting from your front door,the end of the queue would betwenty-five thousand miles away. Thisis sad.

It is in this situation that, none theless, the West is getting richer andricher and the East is getting poorerand poorer. This is staggering.

It is in this situation that(according to a U. N. world economicsurvey) all loans made by governmentsand the World Bank to underdeveloped countries have been morethan offset by the fall in commodityprices in these lands due to thepressure of debt on their economies.This is sin.

It is in this situation that more andmore churchmen become aware thatto buy a tractor for Nagpur or sink awell in an Arabian village is notenough.

There is something fund-amentally wrong.

"We must make men clearlyunderstand that the land that yieldsmen income is the common propertyof all men and its fruits for the

common welfare. It is therefore absurdfor people to think they are notrobbers when they do not pass onwhat they have received to theirneighbours. Absurd ! Because almostas many folk die daily as there arerations locked up for use at home.Really when we administer anynecessities to the poor, we give themtheir own. We do not bestow ourgoods upon them, we do not fulfil theworks of mercy. We discharge thedebt of justice. What was given by acommon God is only justly usedwhen those who have received it useit in a common good."

Who wrote that? Dr. HewlettJohnson, Dean of Canterbury?

No! The pope who instructedAugustine, the first of that See. That,which he wrote for a domesticsituation, could be repeated today,word for word, concerning the worldsituation. Indeed it is worse for, oftoday, we could write: "almost asmany folk die daily in the East, asthere are rations stored up in thegranaries for nobody's use in theWest".

There is something funda-mentally wrong. And it is sin.

Much is still said, in our day, of theduty of the Church to abide by thespiritualities and leave thetemporalities for the experts. Whatmen forget is that, in a democracy, weare the experts, or at leastways can

7

control them.The present Prime Minister of

France has said there are three roads tobankcruptcy: "Women, the pleasantestroad; gambling, the quickest; andtrusting experts, the most certain."

Churchmen, as citizens, must takecontrol again. Pope Gregory's role is"over to us". We have largelyforgotten there is a Christian Doctrineof Wealth. It has been buried forcenturies below the debris of secularverbiage.

Unless we unearth it, obey it, wewill ourselves be submerged in theWest by an East driven crazy withhunger. And it will be by the directact of God. By Moses and theProphets (i.e. the social implications ofour Faith) we will not be saved: noteven if an Evangelist were to rise fromthe dead (Luke 16.19).

Some sayan issue for urgentconsideration, if we are to recover theChristian Doctrine, is our bankingsystem.

Many in the Church of Scotlandmust be humbly grateful to theCongregational Union in this land foropening the debate with thisimportant pamphlet. I predict it willprove historic as preface to a growingdiscussion among Christian laymen.

GEORGE F. MACLEODJanuary 1963

VOLUME 79 PAGE 15

THE SOCIAL CREDITER

INTRODUCTION

The Christian Doctrine of Wealth Committee was set upin terms of a remit from the 1960 Assembly of theCongregational Union of Scotland "to examine thefinancial system from the Christian standpoint".

It replaced an earlier committee that had been studyingthe subject under terms of a remit from the 1958 Assembly.

The following have served on the present Committee:Rev. James G. Dey, M. A. (resigned December 1960)Mr. L. P. Elwell-Sutton, B. A.Rev. T. A. Lewis, M. B. E., M. A.Rev. Allan C. McDougall, M. A.Mr. William Murray, C.A. (resigned February 1962)Mr. Idris W Phillips, M. A. (resigned February 1961)Rev. Dr. A. Morton Price.Rev. Dr. A. F SimpsonRev. Hamish Smith (resigned June 1961)Rev. W A. Tindall M. A.Rev. Dr. W Montgomery Watt.

The chair was taken by Rev. A. C. MacDougall; theSecretary was Rev. Hamish Smith, and after his departurefor the U.S.A. in June 1961 Mr. L. P. Elwell-Sutton.

The Committee held its first meeting on September 22,1960, and in all, seventeen meetings have been held inEdinburgh or Glasgow. Among those who have furnishedthe Committee with their views, either verbally or inwriting, are;Professor P.Ritchie Calder (Professor of InternationalRelations, University of End inburgh).Miss Mary Dunn (Committee of Enquiry into the ScottishEconomy)Mr.Maxwell Gaskin (Senior Lecturer in Political Economy,University of Glasgow)Mr. W T. Martin (Director, William Martin & Sons Ltd.Fruit Importers, Glasgow)

Rev. Dr. Stewart Mechie (Senior Lecturer in EcclesiasticalHistory, University of Glasgow)Prof. D. J. Robertson (Professor of Applied Economics,University of Glasgow)Mr. Brendon Sewill (Conservative Research Department)Mr. A. M. Wade (Birmingham)Mr. A. L. Williams (National Agent and Deputy GeneralSecretary {now General Secretary}, Labour Party)

The Committee is deeply grateful to the aboveconsultants, who contributed to this enquiry a widevariety of views. It must on no account be assumedhowever that the foregoing consultants are inagreement with the findings of the Report, forwhich the Committee holds itself solely responsible.

Members of the Committee have also studied aconsiderable number of official reports, documents andbooks dealing with the monetary system and alliedquestions from both orthodox and unorthodox points ofview. In the course of their enquiries many messages ofencouragement and support have been received frompersons of different denominations and political views, andthanks are particularly due to those who helped to makepossible the printing of this report in full.

The Report that follows represents the unanimousconclusions of the Committee as constituted at thecompletion of its enquiries in March 1962. It waspresented to the Assembly of the Congregational Union ofScotland at Dundee on 10th May 1962, and received andaccepted in the hope that it would lead to further study,and with the clear understanding that Assembly'sacceptance of this as a First Report did not imply approvalof all of its contents. In order that investigations might becontinued, the Committee was retained in being, andcopies of the Report were to be sent to the appropriatedepartments of other Churches and to the British Councilof Churches.

PreambleTHE CHRISTIAN DOCTRINE OF WEALTH

Under our comprehensive title -The Christian Doctrine of

Wealth Committee - we haveendeavoured to work within thenarrower terms of our remit, viz., "toexamine the financial system from theChristian standpoint". This has, at thesame time, involved the attempt toreach some understanding of theChristian Doctrine of Wealth and itsimplications for our task.

It seems proper, therefore, to beginthis report with a brief statement ofwhat we believe to be the mainelements in a Christian concept ofwealth.

I. Wealth, in all its forms, has itssource in the Creator's care for Hiscreatures. It is God's sufficient gift forall the needs of man. Since all God'sgifts are for the furtherance of Hisgracious purposes, they cannot bedissociated or diverted from themwithout grievous loss and failureresulting. Wealth, therefore, is notman's possession to be used andcontrolled just as may seem good inhis own sight.II. As wealth can be defined aseverything that contributes to theweal of man, the Christian shouldextend the term in his thinking far

8

beyond its generally acceptedreference to material resources andpossessions, including money. Untilthat is done, we cannot see theproblem in true perspective. Wealthmust be "spiritually discerned", thatis, seen in the light of the purposes ofGod, before it can be seen aright.Here is the justification of the claimthat the Church should have a wordto say, and should say it, where theproblems of wealth and itsmanagement are concerned.III. On the above definition, wealthincludes all the powers of the humanmind and brain, of body and of spirit.

VOLUME 79 PAGE 16

THE SOCIAL CREDITER

Without these, material wealth wouldhave no value at all. That statementhas far reaching implications. Forexample, it should lead to hardthinking on the part of the Christianas to the priorities accorded topoliticians and economists. Whatplace is given to, say, education, in thewidest sense, health, and spiritualwellbeing? These are the really primehuman concerns. How are they beingserved today in our economy? It isnecessary to take a hard look in thatdirection.IV. The Christian Doctrine of Wealthis based on the Gospel of the goodwill of God, as revealed by JesusChrist, for the whole man and for thewhole of human society. It is a gravelimitation of the Gospel to regard itsimply as a declaration of the purposeand power of God "to save souls" inthe narrow sense in which too oftenthat phrase has been and still is used.The good purpose of God, as revealedin Christ, is to save the whole manand to redeem the whole humansituation on earth. In our Lord's view(Matt. 5,45) the physical blessings oflife are instinct with the Gospel truth

the truth of the Father'sindiscriminate goodness and mercytoward all men. To contend for thattruth is to contend for the Gospel andwe cannot contend for the Gospel inits fullness unless we contend for thattruth. Material wealth is sacred, for itis invested with the love of God. Towaste it, abuse it, restrict it, hoard itor withhold it is to blaspheme thegiver. Unless the Church, through herwitness by word and action, makesthis truth clear, she preaches a limitedGospel and her message, in so far, isirrelevant to the needs of the worldfor which Christ died. In the light ofthe Christian Doctrine of Wealth, noamount of earnest piety andevangelistic zeal can, in this case, givesaving point and power to her messageto the world today. It is well toremember the assiduous care given bythe primitive Church to the physicalneeds of the fellowship. At that stage,her witness was borne as a "colony ofheaven".V. The Christian Doctrine of Wealth,

therefore, holds that the prime factorin the whole question is the will ofGod according to the Gospel. It alsoholds that all that is required forhuman weal of all kinds is providedfor in the divine economy. Nothinghas been left out in the Father's carefor His human household with itsvaried needs of body, mind and spirit.That must be a fundamental article ofthe Christian's faith. The great sayingof Jesus, "I am come that men mayhave life and have it in all its fullness"(N.E.B.), lights up the gracious spiritof our Creator and the Father of Godfor man His child. Since this purposeof God is nullified over a vast area ofhuman experience, as is seen in thewidespread poverty and want existingin the world today, it is the duty andthe task of the Church - the custodianof the Gospel - to search out thecauses. It is not sufficient to say thatthey are found in human sin andfolly. That platitude begs a fewquestions. The sins and follies of menare written into human institutionsand systems, and once a system orinstitution has been generally acceptedand approved a mantle ofrespectability covers the sin and follywhich it contains. It may then evenreceive the acquiescent patronage ofthe Church. There is an inescapableobligation resting on Christians,therefore, to direct a searchingscrutiny at all systems. The financialsystem - the most powerful of all -should be no exception.

THE ROLE OF MONEY

The Committee is in no doubt that amonetary system is an essential featureof our modern complex society, andthat any attempt to abolish money andto return to some form of barterwould result in chaos. At the sametime there is a strong body of publicopinion which is convinced that themalfunctioning of the presentmonetary system, whether because ofimproper use or because of somefundamental defect, is responsible formuch of the economic confusion anddistress that afflicts mankind today. Itis the validity of t§is contention that

we have felt it our duty to investigate.We also recognise that, while

ideally all mankind are brothers andthere should be no distinctionbetween one part of the human raceand another, the government andpeople of Britain are bound toconcern themselves primarily withtheir own socio-economic andmonetary systems, since that is all thatthey themselves can claim the right tocontrol or change. In planning howthese should function, they must ofcourse have full regard to the possibleeffects on the outside world of anymeasure they adopt. In this sense theirplanning must be international.

In the appropriate part of thereport we offer a definition of theterm "rno n e tar y systern ". Werecognise however that, for thepurposes of this enquiry, we cannotconfine ourselves to these strict limits,and that in view of the fact thatmoney is the medium for the controlof prices, wages and salaries, thelevying of taxation, the financing ofinternal production and internationaltrade, the provision of social services,pensions and allowances, we mustpermit ourselves to consider any or allof these at the appropriate time.

(In May/June issue:PART ONE - A CHRISTIANECONOMY)

QUOTEIt was a brave new world that Mr.Blair painted in his millenniumstatement, one in which anythingwill be possible. But alongside thisexciting new world is a sadly familiarone. One in which poverty, conflictand hardship continue to bringmisery to children and adults alike ...It is hard to believe that as we enterthe new millennium one third of allchildren live in poverty, three timesthe number in 1979... Problems

facing children in developingcountries are more basic ones offinding essentials offood and water.The Times, 31st. December 1999.

VOLUME 79 PAGE 17

THE SOCIAL CREDITER

A LETTER FROM BULAWAYORecently we received a very

interesting letter and a shortarticle (see page opposite) from Mr.Francis Feather who emigrated toZimbabwe in 1983 for health andfamily reasons. Both are reproducedbelow, very slightly edited for reasonsof space. He was prompted to write,after a friend lent him a number ofrecent back issues of The SocialCrediter and because his contact withSocial Credit goes back a long way.His letter tells us that:

" ... in 1929, after being twoyears articled to a firm ofChartered Accountants andcompleting my IntermediateExaminations, economics became amajor part of my Syllabus and Ifound therein a number of claimsand assertions which I was quiteunable to accept. I was aware ofwidespread unease at the time, ascurrently there were numerousmovements in support of andopposition to Silvio Gesell,G.K.Chesterton and his Distrib-utive movement, Henry George'sSingle Tax (Land Tax) etc.

During 1932 The Accountantran a debate through its columns onSocial Credit (itself taking anopposing stance) conducted by - Ithink, a Professor Ma rshall ofManchester University. He wasabout the only opponent at thattime, to my knowledge, who madethe mistake of quoting Douglasaccurately! Reading the instalmentsfrom week to week it seemed to methat it was Douglas who was writingsense and Professor Marshall whowas on the wrong lines - and Icontributed to the ensuingcorrespondence. So I visited mybookshop and bought whateverbooks by C.H.D. were then inprint. I contacted The New Age andstill have the volume containing theoriginal serialisation of EconomicDemocracy. I even induced myeconomics lecturer to accompanyme to a meeting in the Westminster

Central Hall which Douglasaddressed and he admitted to beingimpressed!

I became a member of theLondon Social Credit Club run byDr. Mitchell and her husband, Dr.Purvis, where some of my lifelongfriendships were made. I sub-scribed to The New English Weekly,Social Credit, The Social Crediter,and New Democracy all from vol.1no.1 and have the earlier volumesbeautifully bound in greenbuckram.

After qualifying as a CharteredAccountant, I sought a Bachelor ofLaws Degree at London University,centered from in King's College,Strand, which was very close to thethen secretariat offices(163aStrand) - where I frequently wentfor a cup of tea. Later, I joined theEducation scheme and mycertificate A (less advanced grade)signed by C,H. Douglas,A.L.Gibson (another CharteredAccountant) and Tudor Jones isdated 17th January 1938. I alsoattended the reception and Dinnerin London to welcome Maj orDouglas back from one of his worldtours. One of my prized possessionsis a large photograph of thatassembly.

By now World War phase 2 wasupon us and when it actually brokeout it fell to me to liquidate theSocial Credit Secretariat Ltd., inaccordance with Douglas's wish.

Then, my life dramaticallychanged. A partner, senior to me,was called up as a member ofOfficer's Reserve and I was thrustinto his chair. I was enrolled intoDad's Army. Christmas 1941, thefirm's offices were wiped off themap in the first fire blitz on Londonand my father, who was seniorpartner, did not survive the shock.

Come1945 with the first post warelections, I was pressurised intostanding in Southend - on Sea and(thanks to CHfb for all I had

learned from him) I succeeded atthe first attempt. I served 28yearson the County Borough Council -principally as Chairman of theFinance Committee - ultimatelyresigning in protest at the signing ofTed Heath's Local GovernmentAmendment Act to abolish CountyBoroughs;

To me, so obviously a steptowards Regionalisation. Later, Iwithdrew from all politicalaffiliations, requesting thewithdrawal of my name from thelist of Honorary Vice Presidents, inprotest at the signing of theMasstricht Treaty.

In 1978 I underwent a seriousspinal operation and in 1983emigrated to Zimbabwe where Ijoined my elder daughter and myson and their families.

Never have I lost any of myinterest in Douglas's ideas and mylibrary is extensive. I have beentaking steps to guarantee that it isnot destroyed on my death andhave recently agreed with the localUniversity for them to accept it as agift and make it available to anyoneinterested, whether University ornot. The University representativeswho visited me seemed greatlyimpressed with my outline of whatit was all about.

Feeling that circumstances hereare much on a line with thosecurrent when Aberhart achievedhis breakthrough in Alberta, Ihave attempted to establish a groupof students, but have beencontinuously frustrated by deathsand transfers to Harare oremigrations from Zimbabwe. Thesehave included two Ministers, one ofwhom was killed in a car crash.

I have written a few letters to thepapers and a few articles for mystudents for circulation by them.Enclosed is a copy of my WhereDoes Responsibility Lie?

VOLUME 79 PACE 18

FRANCIS FEATHER

THE SOCIAL CREDITER

WHERE DOES RESPONSIBILITY LIE?

Itis a statement of the obvious tosay that no nation can exist without

an effective distribution system.Goods are no longer producedprimarily for the satisfaction of theproducer alone; they are produced inmass for the benefit of whomsoeverwants them and is able to pay forthem. There would be no object inproducing them at all unless theywere to be consumed.

The agent of both consumptionand production is of course what westill call money, although the greaterproportion is more correctly referredto as credit. Credit is monetised bythe banks. It is loaned to the producerwho uses it to pay wages and salariesto employees and to suppliers ofcapital equipment or to otherorganisations who supply services ofone kind or another. Wages, salariesand dividends constitute the funds,which enable the final product to bebought for consumption.

This is all as obvious anduniversally accepted as theanticipation that water will flow onthe turning on of a tap, or that a lightwill appear on the flicking of theappropriate switch.

But any system, whatever itsnature, has to be administered. Forcenturies the administration of themoney system was in the hands of theCrown. Later governments - with thebanks operating as agents - graduallyacquired the powers, subject to somerestraints. From about 1920, underpressure, the banks have graduallyacquired almost total independencefrom government or any otherauthority. Although they are privateprofit-making organisations, thisessential aspect of government hasbeen placed in their hands almostentirely. It is interesting to note inthis context, that one of the first actsof Tony Blair's "New Socialist"government in Britain was to removealmost the last obstacle remaining in

By Francis Feather

the way of the completeindependence of the Bank ofEngland, and that the CentralEuropean Bank has, in fact, alreadyachieved complete independencefrom any democratic influence. (seeMaastricht Treaty, Article 107. Ed.)

In achieving such authoritythe banks must be deemed, ofcourse, to have automaticallyassumed related responsibilities.In the wise words of an eminentHigh Court judge, "Every manis deemed to intend the naturaland probable consequences of hisacts." So, the responsibility forthe satisfactory working of themoney system is firmly in thecourt of the banks and they areanswerable to the community -even if they claim immunityfrom interference or pressures.(emphasis added)

Now, how can anybody claimsatisfactory working when, amongst acommunity of only ten millions or so,it can be alleged that sixty per cent.are within the starvation range; thatthere is a severe shortage of houses,hospitals, schools etc. while we havean industrial system capable ofexpansion to fulfil these needs unlessit is also restrained "for lack ofmoney!" Amongst the millions ofunemployed the majority arecertainly willing, indeed anxious towork but prospective employers areunable to engage them because thereis a "lack of money." (specificreference is of course, to ZimbabweEd.)

The present system of moneyadministration is out of date and thecost accountancy system in use isbadly flawed. It is time for a changeand, for the time being, the onlyagency capable of effecting thatchange is the banking system. Moneyhas today become nothing more thana mathematical exercise in book-keeping with the banks as the

11

nation's, and individual's, book-keepers.

It is no excuse to protest that thereis no other possible system. Othersystems, more appropriate to thetwenty-first century, are known buthave been forcefully prevented frombeing applied either by governmentveto, or on the spurious grounds thatthey are "unconstitutional". Yet sucha system, the framework for whichwas set out clearly by Douglas, couldensure the alleviation of most of thesocio-economic problems whichplague the world's people and whicharise primarily from the errorsinherent in the present administrationof our monetary system.

QUOTE"1 am aJraid the ordinary citizenwill not like to be told that thebanks can, and do, create money ...And they who control the credit ojthe nation direct the policy ojGovernments and hold in thehollow oj their hands the destiny ojthe people,"Reginald McKenna, (Chancellorof the Exchequer in 1915-1916) inhis report to shareholders of theMidland Bank in 1924 when hewas chairman of the board.)

Copyright © 1998. Permission granted forreproduction with appropriate credit.

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VOLUME 79 PAGE 19

THE SOCIAL CREDITER

The Social Crediter is the official journal

of the Social Credit Secretariat. It

promulgates the analysis and prescription

for radical change to the current

financial/ economic system developed by

C. H. Douglas in the 1920s. At the

centre of our concern is the need forradical reform of the international

fractional reserve, debt-money system.

Only then might other major socio-

economic changes, including the

introduction of a National Dividend,

follow and help to ensure that all of the

world's people have the potential to

enjoy economic sufficiency, while

simultaneously living a full and satisfying

life in harmony with each other and the

natural environment. It is our

conviction that whatever is physically

possible and socially desirable CAN

be made financial possible. This should

be everyone's concern and radical

reform is urgent, so that this potential

might be realised.

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Recommended ReadingBooks by Major C.H. Douglas

Social CreditThe Monopoly of CreditEconomic DemocracyWarning DemocracyCredit Power and DemocracyThe Control and Distributionof Production

Frances Hutchinson andBrian BurkittThe Political Economy of SocialCredit and Guild Socialism

Eric de MareA Matter if Life or Debt

Alan D. ArmstrongTo Restrain the Red Horse*The Urgent Need for RadicalEconomic Riform (1996)£11.95 including P&P

THEMONOPOLY

OFCREDITSOCIAL

"CREDIT C. H. DOUGLAS

by C.H. DOUGLAS

A MATTEROF LIFEOR DEBT

EricdCMare

Books and booklets on the subject of Social Credit are available from Bloomfield Books,26 Meadow Lane, Sudbury, Suffolk, England C010 6TD.* Also available from Towerhouse Publishing, 32 Kilbride Avenue, Dunoon,Argyll, Scotland PA23 7LH.

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Flesearch OBicer

Correspondent to Vatican

Historian

Director, Social Credit School of Studies

Correspondent in Canada

Alan D. Armstrong BA (Hans) Econ

J. A. Murray McGrath FCOptom. DCLP

Ronald Macintyre BSc (Hons)

Alister Lawrence

Anthony Cooney BA

Richard Brockett, Wellers Hill, Australia

Vic Bridger, Samford, Australia

Wallace M. Klinck, Sherwood Park, Alberta

THE SOCIAL CREDITER BUSINESS ADDRESSSubscribers are requested to note the address for all business related to KRPLimited and The Social Credit Secretariat is: 16 Forth Street. Edinburgh EH1 3LH.Telephone 0131 5503769 e-mail: socialcredit@FSBDial.co.uk