The Thinking 

A System of Debt Slavery

March 20, 2017


THIS presentation by Mike Maloney helps explain why families are not able to survive on one income anymore. Even those who have no personal debt are paying for massive, systematized indebtedness through inflation and taxes. Feminism, by making two-income families glamorous, puts a romantic gloss on debt bondage and a greater disparity in wealth.

Debt bondage relies on monetary illiteracy.

In the 1920s, the Social Credit movement emerged to address this problem. Social Credit missionaries, based in Quebec, went from door to door trying to educate people about the monetary system. Some still do as the St. Michael’s Pilgrims. One of social credit’s proponents Louis Even, author of In This Age of Plenty, wrote this description of the movements goals:

Social Credit wants each and every member of society to benefit from life in society.

It calls, for each and everyone, a sufficient share in the abundant goods of the country, in order to ensure to each and everyone an honest livelihood.

Since it is the monetary system that does not work properly, Social Credit condemns the present way of creating money (as a debt), and calls for a way more in conformity with the common good.

Today, money is created by the banks, for the profits of the banks, and by getting governments and industry into debt.

This way of creating and issuing money gives to the banks a power of control on all of society.

Social Credit wants society itself to issue the money, all the money it needs, for required production to be made and sold.

Social Credit maintains that all new money, corresponding with a development in the country’s production capacity, belongs to the public, not to a group of private individuals, and must be given back to the public, that is to say, to all citizens.

In freeing man from the submission to money, Social Credit liberates him, makes him enter into an era of economic security and of personal freedom.

In recognizing the common social inheritance, Social Credit develops the spirit of solidarity and brotherhood.

Social Credit therefore demands, in the monetary system:

That money be made by the nation, in relation to the possibilities of production and the needs of consumption;

That all new money be distributed to the consumers;

1. By a national dividend equally divided among all men, women, and children of the country;

2. By a discount granted on sales, calculated so as to balance the purchasing power with the prices. This discount, in favor of the buyer, is compensated to the retailer by an issue of new credit.

A. The new money, thus distributed to the public, without tax increases, will increase purchases, activate work, and eliminate unemployment.

B. The dividend to each citizen will make the condition of big families less harsh, as each member of the family will bring into the home a dividend.

Money being sufficient in the consumers’ hands, it will be possible to consume the products. Then private property will be consolidated, and farmers and industrialists will be able to meet their obligations and develop their production for the greatest good of all consumers of the country.

The archives at the Clifford Hugh Douglas Institute for the Study and Promotion of Social Credit include many interesting articles, some more technical than others, on the movement’s goals for monetary reform.

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