Monday Monday.
Hi guys!
I had a fairly eventful weekend. It began with diarrhea on Saturday morning together with a very sore throat and a full blown cold. Not a good start at all. I still had to drag my ass to KL for a seminar for some 50 government public relations officers. I say ‘drag’ purely because I had to, literally. I was physically unfit to go anywhere. I was feeling so crap but I’ve already promised to speak and I really wanted to address government PROs about alternative media and blogs. I wanted to practice what I preached to them - to be open to dialogue and seek ways to understand each other better.
So just quickly on my session that was moderated by Leslie Lau. Heh. I presented on what makes alternative media, alternative and spoke extensively about the company that I’m attached to. After that I presented on blogs and what they are were all about. During question time, interesting issues were raised. Amongst them about how extreme bloggers can get, how Malaysians are traditional minded and we are not used to liberalised free speech. Examples of this from how we can never accept nude beaches to naked chicks on page 3 of newspapers came up as well, much to my amusement. lol. I was also asked whether I thought Najib should’ve sued Tian Chua over the doctored ‘table for three’ photo.
I think whoever feels they have been wronged, should sue. But at what cost? At stifling free speech or at least, building the foundation and educating the public on responsible free speech? How much does a public figures reputation cost? RM10 million as per MGG PIllai vs Vincent Tan’s case that was allegedly written by a lawyer? Can we trust that any of our cases now or laws executed by our so-called independent judiciary and Attorney-General’s Chambers are truly done in the name of rule of law? Does the public have confidence in any institutions anymore? When will Malaysians reach a stage where we can stop sweating over the small stuff and focus on resolving real issues?
I found that the views of some PROs were mildly myopic to say the least, placing a lot of their displeasure and unhappiness over irresponsible bloggers on bloggers themselves. I tend to see things in a bigger picture. The question to me is not about punishing these individuals but understand what drives people to write such things. People are always angry, cynical and upset for a reason. Even when we do things out of sheer spite, there must be a reason, circumstance and history behind it. These are the same reasons why I couldn’t blame the PROs for seeing things this way. They too have their own reasons, circumstances and history for their respective epistemological stance.
:) I may have disagreed with them on several points but I believe the dialogue was wonderfully refreshing. I enjoyed every minute of it. I’d like to think that I gave them food for thought as well and served as an example that as a alternative media representative and a blogger - I am willing listen as much as I am willing to debate :)
Interesting point to note was how Leslie pointed out that in his 15 year career as a journalist, he said he has always reported on the facts and it wasn’t his job to determine whether it was the truth or not. It was all about fair reporting. Um, that’s pretty scary to know there are journalists out there who are not concerned with the truth in the sea of lies that we swim in. Even more so in our political climate where rumours and conspiracies run rife in every Malaysia-Today blog post that you read.
TRUTH is ALL the matters. Reporters don’t report LIES. Facts are not “facts” if their are not true. lol. They become mere assertions subject to factual confirmation aka, TRUTH!!! Okaylah, I got a bit bengang when I head him say it but I felt it was more important to answer questions from PROs more then the moderator. Tee hee. So where else better to put this than in my blog? :)
Anyway, after the seminar, lunch was swift. I was also feeling like crap by them. Tummy was still upset and my sore throat got worst. I had to call in sick for work and ended up resting. Of course the best thing to happen all day on Saturday was Nat’s return to the country! :) He came for the seminar about 3 hours after touchdown, just for me! :) So I slept for the rest of the day. Didn’t feel any better and had an early night soon after. I missed out on Toni’s memorial but I heard it was lovely. I’m glad.
Sunday was alright. I think all the drugs I took the night before helped in reducing my sore throat. The full blown cold was unstoppable and I was leaking like a mucus dispenser. Not pretty. After lunch and chores and nap, I took my family for a Father’s Day dinner. Pictures later since I’m blogging from Nat’s laptop currently instead of my own. Heh. Stayed over at Nat’s after dinner and you won’t believe what happened.
I did not sleep until 7am (or 8am, I’m not sure). Must have been all the Chinese herbal tea and Coke Light I had yesterday. It was crazy. I ended up reading Cheryl’s ‘Devil Wears Prada’. It was a bad book. Writing-wise, brilliant. Storyline-wise, a bit lame and unbelievable. lol. Whoops. It was quite funny that at around 6.30am, everybody in the house was up for one reason of another. So I slept and woke up proper around 11am. I really really hope I can sleep tonight.
Anyway, I’ve got to run! It’s spend time with Nat, err, time :) Joy! :)
June 16th, 2008 at 6:56 pm
Cheaper Beer & Cigarettes For A More Emotionally Healthy Malaysia!
Dear Bloggers, can we start a new campaign? also to request PR to lower the prices if they take over the federal gov.
Cheers!
[/img]http://www.mediamagnet.com/images/catalog/comps/5/57b93abb-ca86-41fd-aa70-32901ea4c9c7.jpg[/url]
June 17th, 2008 at 6:18 am
yeay spend time with polytikus time! :D
i saw her speak, it was awesome - there was some heated debate and even a little bit of harranguement, but pt handled it all with supreme grace under fire :) :)
June 18th, 2008 at 1:09 am
August 4, 2007
How Money Is Created As A Debt By Private Banks - The
Money Castaways
The story I present to you here today has nothing with
to do with web 2.0, new media or how to make money
with your site. Today’s story is all about waking up.
Realizing that something you have given for good and
granted since you were born, may actually deserve some
heavy rethinking ASAP.
This is the story of how private banks force most of
us into the vicious, enslaving circle, in which you
have long been feeling trapped. Working your ass off
for six days a week only to be able to pay the rent,
the gas, the bills and very little more. If getting a
mortgage to buy a house means signing a slavery
contract for the rest of your life, maybe THERE IS
something deeply wrong with the economics of our
system and the way create debt out of money THEY DO
NOT OWN.
But you know what fucks us bad?
Our ignorance.
Unless you can understand yourself how economy and the
monetary debt system works, you are bound to be a
slave of whoever knows more than you.
This is why I have decided to reserve today
counter-information slot for something you can’t find
an article or an opinion piece on any magazine or
newspaper of the world: a simple story that explains
to you how money is actually created and how bankers
manage to sell it to you in exchange for extra money
(the interest).
They do not have the right, nor the math, to do
that…. but unless you see the forest beyond the
trees, and start showing that the emperor has really
no clothes, bankers of the world will not stop doing
what they have mastered so well.
Thanks to Louis Even and Michael Journal (A journal of
Catholic patriots for the Social Credit monetary
reform through the education of the population and not
through politicial parties), here is a great story and
an opportunity to understand how money, debt and
interests are created out of thin air right under your
eyes.
Read on
The Money Myth Exposed
The financial enigma resolved — A debt-money system
1. The Shipwrecked Survivors
An explosion blew their ship apart. Five survivors
remained huddled on a raft which the waves carried
along at their will. As for the other victims of the
disaster, there was no sign of them.
Hour after long hour their eyes searched the horizon.
Would a passing ship see them? Would their make-shift
raft find its way to some friendly shore?
Suddenly a cry rang out: “Land! Look, over there, in
the direction the waves are carrying us!â€
And, as the vague silhouette proved to be the outline
of a shore, the figures on the raft danced with joy.
They were five. Frank, the carpenter, was big and
energetic. It was he who had first cried, “Land!â€
Then there was Paul, a farmer. You can see him front
and left in the picture on his knees, one hand against
the floor, the other gripping the mast of the raft.
Next was Jim, an animal breeder. He’s the one in the
striped pants, kneeling and gazing in the direction of
land.
Then there is Harry, an agriculturist who was a little
on the stout side, seated on a trunk salvaged from the
wreck.
And finally there was Tom the prospector and a
mineralogist. He is the merry fellow standing in the
rear of the picture with his hand on the carpenter’s
shoulder.
2. A Providential Island
Setting foot on land was like returning to life from
the grave for the five men.
After they dried and warmed themselves, their first
impulse was to explore this little island that they
had been cast on to, far from civilization.
A quick survey raised their spirit. The island was not
a barren rock. Despite being the only men on it at the
moment, judging from the herds of semi-domesticated
animals they saw, there had been men here at some time
before them.
Jim, the animal breeder, was sure he could completely
domesticate the animals and put them to good use.
Paul found the island’s soil, for the most part, quite
suitable for cultivation.
Harry discovered fruit trees which would give good
harvests if properly tended.
Most important were the large forests with a range of
wood type. Frank, without too much difficulty, would
be able to build houses for the little community.
As for Tom, the prospector, the island showed signs of
rich mineral deposits. Despite lacking the tools, Tom
still felt his ingenuity and initiative could produce
metals from the ores.
Each could serve the common good with his special
talent. And all agreed to call the place Salvation
Island, giving thanks to Providence for a reasonably
happy ending to what could have been stark tragedy.
3. True Wealth
Here are the men at work.
The carpenter built houses and made furniture. At
first, they found food where they could. But soon the
fields were tilled and seeded, and the farmer had
crops.
As season followed season, this Salvation Island, this
heritage of the five men became richer.
Its wealth was not of gold or paper bank notes, but of
true value - a wealth of food, clothing, shelter and
all the things to meet human needs.
Each man worked his own trade. Whatever surpluses he
might have, he exchanged for the excess products of
the others.
Life wasn’t always as smooth and complete as they
could have wished it to be. They lacked things they
had been accustomed to in civilization. Yet, it could
have been far worse. All five had experienced the
depression in Canada. They still remembered empty
bellies despite stores being crammed with food.
However, at least on Salvation Island, they weren’t
forced to watch food rot before their eyes. And taxes
were unknown here. Nor did they constantly fear the
bailiff. They worked hard but could enjoy the fruits
of their labour.
So they developed the island, still in possession of
life and health (those two greatest of blessings),
thanking God and hoping for the day of reunion with
their families.
4. A Serious Inconvenience
Our men often got together to talk over affairs.
Under the simple economic system which developed, one
thing was beginning to bother them more and more: they
had no form of money.
Barter, the direct exchange of goods for goods, had
its drawbacks. The products exchanged were not always
at hand when a trade was discussed. For example, wood
delivered to the farmer in winter could not be paid
for in potatoes until six months later. Sometimes one
of the men would have a large item that he wished to
exchange for a number of smaller articles produced by
different men, at different times.
All this complicated business and was taxing to their
memory. However, with a monetary system, each one
could sell his products to the others for exact
amounts of money and buy from the others things he
wanted when he wished, and when they were available.
It was agreed that a money system would be convenient,
but none knew how to set up one. They knew how to
produce true wealth - goods - but producing money (a
symbol of this wealth) was quite beyond them.
They had no idea how money originated, and how to
produce it. (Certainly, many educated men have been in
the same boat - all our governments experienced the
same predicament during the ten years prior to the
war. The only thing the country lacked at that time
was money, and governments apparently didn’t know how
to get it.)
5. A Refugee Arrives
One evening, when our boys were sitting on the beach
going over their problem for the hundredth time, they
saw a small boat approaching with a solitary man at
the oars.
He was the only survivor of a wreck, named Oliver.
Delighted to have a new companion, they provided him
with the best that they had and they took him on an
tour of the colony.
“Even though we’re lost and cut off from the rest of
the world,†they told him, “we can’t complain too
much. The earth and forest are good to us. We lack
only one thing. Money. It would make exchanging our
products much easier for us.â€
“Well, you can thank Providence,†replied Oliver,
“because I am a banker and, in no time at all, I’ll
set up a money system guaranteed to satisfy you. Then
you’ll have everything people in civilization have.â€
A banker! A BANKER! An angel come down from the clouds
couldn’t have inspired more reverence and respect in
our men. For after all, are we not accustomed, we
civilized people, to genuflect before bankers and
those men who control the lifeblood of finance?
6. Civilisation’s God
“Mr Oliver, as our banker, your only occupation on
this island will be to look after our money; no manual
labour for you.â€
“I shall, like every other banker, carry out to
complete satisfaction my task of forging the
community’s prosperity.â€
“Mr. Oliver, we will build you a house in keeping with
your dignity as a banker. But meanwhile, do you mind
if we lodge you in the building that we use for our
get-togethers?â€
“That will suit me, my friends. But first of all,
unload the boat. There’s paper and a printing press,
complete with ink and type, and a little barrel which
I advise you to treat with the greatest care.â€
They unloaded everything. The small barrel aroused
intense curiosity in our good fellows.
“This barrel,†Oliver said, “contains a treasure
beyond dreams. It is full of… gold!â€
Full of gold! The five all but swooned. The god of
civilization here on Salvation Island! The yellow god,
always hidden yet terrible in its power, whose
presence, absence or slightest caprice could decide
the fate of all civilized nations!
“Gold! Mr Oliver, you are indeed a great banker! Oh
honorable Oliver! Great high priest of the god, Gold!
Accept our humble homage, and receive our oaths of
fidelity!â€
“Yes, my friends, gold enough for a continent. But
gold is not for circulation. Gold must be hidden. Gold
is the soul of healthy money, and the soul is always
invisible. But I’ll explain all that when you receive
your first supply of money.â€
7. The Secret Burial
Before they went their separate ways for the night,
Oliver asked them one last question: “How much money
will you need to begin with in order to facilitate
trading?â€
They looked at one another, then deferentially towards
the banker. After a bit of calculation, and with the
advice of the kindly financier, they decided that $200
each would do fine.
The men parted, exchanging enthusiastic comments. And,
in spite of the late hour, they spent most of the
night lying awake, their imaginations excited by the
picture of gold. It was morning before they slept.
As for Oliver, he wasted not a moment. Fatigue was
forgotten in the interests of his future as a banker.
By dawn’s first light, he dug a pit into which he
rolled the barrel. He then filled it in, transplanting
a small shrub to the spot about which he carefully
arranged sod. It was well hidden.
Then he went to work with his little press to turn out
a thousand $1 bills. Watching the clean new banknotes
come from his press, the refugee turned banker thought
to himself: “My! How simple it is to make money. All
its value comes from the products it will buy.
Without produce, these bills are worthless. My five
naive customers don’t realize that.
They actually think that this new money derives its
value from gold!
Their ignorance makes me their master.â€
And as evening drew on, the five ran to Oliver.
8. Who Owns the Money
Five bundles of new banknotes were sitting on the
table.
“Before distributing the money,†said the banker, “I
would like your attention.
The basis of all money is gold. And the gold stored
away in the vault of my bank is mine. Consequently,
the money is also my money. Oh! Don’t look so
discouraged. I’m going to lend you this money, and
you’re going to use it as you see fit.
However, you’ll have to pay interest.
Considering that money is scarce here, I don’t think
8% is unreasonable.â€
“Oh, that’s quite reasonable, Mr Oliver.â€
“One last point, my friends. Business is business,
even between pals. Before you get the money, each of
you is going to sign a paper. It you will bind you to
pay both interest and capital under penalty of
confiscation of property by me. A mere formality -
your property is of no interest to me. I’m satisfied
with money. And I feel sure that I’ll get my money,
and that you’ll keep your property.â€
“That makes sense, Mr Oliver. We’re going to work
harder than ever in order to pay you back.â€
“That’s the spirit. And any time you have a problem,
you come to see me. Your banker is your best friend.
Now, here’s two hundred dollars for each one of you.â€
And our five brave fellows went away, their hands full
of dollar bills, their heads swimming with the ecstasy
of having money.
9. A Problem in Arithmetic
And so Oliver’s money went into circulation on the
island.
Trade, simplified by money, doubled. Everybody was
happy.
The banker was always greeted with unfailing respect
and gratitude.
But now, let’s see… Why does Tom, the prospector,
look so grave as he sits busily figuring with a pencil
and paper?
Tom, like the others, signed the agreement to repay
Oliver in one year’s time $200, plus $16 interest. But
as the date of payment drew near, Tom had only a few
dollars in his pocket.
For a long time he had wrestled with this problem from
his own point of view, without success. Finally, he
viewed it from the perspective of the little community
as a whole. “Taking into consideration everyone on the
island,†he mused, “are we capable of meeting our
obligations?
Oliver turned out a total of $1000. He’s asking for
$1080 in return. But even if we bring him every dollar
bill on the island, we’ll still be $80 short. Nobody
made the extra $80. We turn out produce, not dollar
bills. So Oliver can take over the entire island,
since all the inhabitants together can’t pay him back
the total amount of the capital and interest.
Even if a few (without any thought for the others)
were able to, the others would fail. And the turn of
the first spared would come eventually. The banker
will take everything. We’d better hold a meeting right
away and decide what to do about it.â€
Tom, with his figures in his hand, had no difficulty
in explaining the situation. All agreed that they had
been duped by the kindly banker.
They decided upon a meeting at Oliver’s.
10. The Benevolent Banker
Oliver guessed what was on their minds, but he put on
his best front. While he listened, the impetuous Frank
stated the case for the group.
“How can we pay you $1080 when there is only $1000 on
the entire island?â€
“That’s the interest, my friends. Has not your rate of
production increased?â€
“Sure, but the money hasn’t. And it’s money you’re
asking for, not our products. You are the only one who
can make money. You’ve made only $1000, and yet you
ask $1080. An impossible task!â€
“Now listen, fellows. Bankers, for the greater good of
the community, always adapt themselves to the
conditions of the times. I’m going to require only the
interest. Only $80. You will go on holding the
capital.â€
“Bless you, Mr Oliver! Are you going to cancel the
$200 each of us owes you?â€
“Oh no! I’m sorry, a banker never cancels a debt. You
still owe me the money you borrowed. But you’ll pay
me, each year, only the interest. If you meet the
interest payments faithfully each year, I won’t push
you for the capital.
Maybe some won’t be able to repay even the interest
because of the money changing hands among you. Well,
organize yourselves like a nation. Set up a system of
money contributions, what we call taxes.
Those who have more money will be taxed more; the poor
will pay less. See to it that you bring me, in one
lump sum, the total of the amount of interest, and
I’ll be satisfied. And your little nation will
thrive.â€
So our boys left, pacified, but still dubious.
11. Oliver Exalts
Oliver is alone. He is in deep reflection.
His thoughts run thus: Business is good. These boys
are good workers, but stupid. Their ignorance and
naivety is my strength. They ask for money, and I give
them the chains of bondage. They give me flowers, and
I pick their pockets.
True enough, they could mutiny and throw me into the
sea. But pshaw! I have their signatures. They’re
honest. They’ll honor their pledges.
Honest, hardworking people were put into this world to
serve the Financiers.
Oh great Mammon! I feel your banking genius coursing
through my entire being! Oh, illustrious master! How
right you were when you said: “Give me control of a
nation’s money, and I won’t mind who makes its laws.”
I am the master of Salvation Island because I control
its money.
My soul is drunk with enthusiasm and ambition - I
could rule the universe.
What I, Oliver, have done here, I can do throughout
the entire world. Oh! If only I could get off this
island, I know how I could govern the world without
wearing a crown.
My supreme delight would be to instill my philosophy
in the minds of those who lead society: bankers,
industrialists, politicians, reformers, teachers,
journalists - all would be my servants.
The masses are content to live in slavery when the
elite among them are overseers.
12. The Cost of Living Unbearable
Things went from bad to worse on Salvation Island.
Production was up, although bartering dropped to a
minimum.
Oliver collected his interest regularly. The others
had to think of setting money aside for him. Thus,
money tended to clot instead of circulating freely.
Those who paid the most in taxes complained against
those who paid less. They raised the prices of their
goods to compensate for this loss.
The unfortunate poor who paid no taxes lamented the
high cost of living, and bought less.
If one took a salaried job with another, he was
continually demanding increases in salary in order to
meet the mounting cost of living.
Morale was low.
The joy went out of living.
No one took an interest in his work. Why should he?
Produce sold poorly. When they would make a sale, they
had to pay taxes to Oliver. They went without things.
It was a real crisis. And they accused one another of
wanting in charity, and of being the cause of the high
cost of living.
One day, Harry, sitting in his orchard, pondered over
the situation.
He finally arrived at the conclusion that this
“progressâ€, born of a refugee’s monetary system, had
spoiled everything on the island. Unquestionably, all
five had their faults, but Oliver’s system seemed to
have been specifically designed to bring out the worst
in human nature.
Harry decided to demonstrate this to his friends and
to unite them for action.
He started with Jim, who was not hard to convince.
“I’m no genius,†he said, “but for a long time now
there’s been a bad smell about this banker’s system.â€
One by one they came to the same conclusion, and they
ended up by deciding to have another conference with
Oliver.
13. Enslaved by Oliver
A veritable tempest burst about the ears of the
banker.
“Money’s scarce on the island, fellow, because you
take it away from us! We pay you and pay you, and
still we owe you as much as at the beginning. We work
our heads off! We’ve the finest land possible, and yet
we’re worse off than before the day of your arrival.
Debts! Debts! Up to our necks in debts!â€
“Oh! Now boys, be reasonable! Your affairs are
booming, and it’s thanks to me. A good banking system
is a country’s best asset. But if it is to work
beneficially, you must have faith in the banker. Come
to me as you would to a father… Is it more money
that you want? Very well. My barrel of gold is good
for many thousands of dollars more. See, I’m going to
mortgage your latest acquisitions, and lend you
another thousand dollars right now.â€
“So! Now our debt goes up to $2000! We are going to
have twice as much interest to pay for the rest of our
lives!â€
“Well, yes — but I’ll lend you more whenever the value
of your property increases. And you’ll never pay
anything but the interest. You’ll lump all your debts
into one — what we call a consolidated debt. And you
can add to the debt, year after year.â€
“And raise the taxes, year after year?â€
“Obviously. But your revenues also increase every
year.â€
“So then, the more the country develops each year
because of our labor, the more the public debt
increases!â€
“Why, of course! Just as in your country – or in any
other part of the civilized world for that matter. The
degree of a country’s civilization is always gauged by
the size of its debt to the bankers.â€
14. The Wolf Devours the Lamb
“And that’s a healthy monetary system, Mr. Oliver?â€
“Gentlemen, all sound money is based on gold, and it
comes from the banks in the form of debts. The
national debt is a good thing. It keeps men from
becoming too satisfied. It subjugates governments to
the supreme and ultimate wisdom, that which is
incarnate in bankers. As a banker, I am the torch of
civilization here on your little island. I will
dictate your politics and regulate your standard of
living.â€
“Mr. Oliver, we’re simply uneducated folks, but we
don’t want that kind of civilization here. We’ll not
borrow another cent off of you. Sound money or not, we
don’t want any further transactions with you.â€
“Gentlemen, I deeply regret this very ill-advised
decision of yours. But if you break with me, remember,
I have your signatures. Repay me everything at once —
capital and interest.â€
“But that’s impossible, sir. Even if we give you all
the money on the island, we still won’t be square with
you.â€
“I can’t help that. Did you or did you not sign? Yes?
Very well.”
“By virtue of the sanctity of contracts, I hereby
seize your mortgaged property which was what you
agreed to at the time you were so happy to have my
help. If you don’t want to serve willingly the supreme
authority of money, then you’ll obey by force. You’ll
continue to exploit the island, but in my interests
and under my conditions. Now, get out! You’ll get your
orders from me tomorrow.â€
15. Control of the Press
Oliver knew that whoever controlled the nation’s
money, controlled the nation.
But he knew also that to maintain that control, it was
necessary to keep the people in a state of ignorance,
and to distract them by a variety of means.
Oliver had observed that of the five islanders, two
were conservatives and three were liberals. That much
had evolved from their evening conversations,
especially after they had fallen into slavery. And
between the conservatives and those who were liberals,
there was a constant friction.
On occasions, Harry, the most neutral of the five,
considering that all had the same needs and
aspirations, had suggested the union of the people to
put pressure on the authorities. Such a union, Oliver
could not tolerate; it would mean the end of his rule.
No dictator, financial or otherwise, could stand
before a people united and educated.
Consequently, Oliver set himself to foment, as much as
possible, political strife between them.
The refugee put his press to work, turning out two
weekly newspapers, “The Sunâ€, for the Liberals, and
“The Starâ€, for the Conservatives.
The general tenor of “The Sun†was: “If you are no
longer master, it is because of those traitorous
Conservatives who have sold out to big business.â€
That of “The Starâ€: “The ruinous state of business and
the national debt can be traced directly to the
political responsibility of those unmentionable
Liberals.â€
16. A Priceless Bit of Flotsam
One day, Tom, the prospector, found on a small beach,
hidden by tall grass at one end of the island, a
lifeboat, empty except for a trunk in good condition
lying in the bottom of it.
He opened the trunk. Among the articles within, a sort
of album caught his eye: “The First Year of Social
Creditâ€.
Curious, Tom sat down and began to read the volume.
His interest grew; his face lit up.
“Well, just look at this!†he cried out loud. “This is
something we should have known a long time ago.â€
“Money gets its value, not from gold, but from the
products which that money buys.”
“Simply put, money should be a sort of accountancy,
credits passing from one account to another according
to purchases and sales. The sum total of money will
depend upon the sum total of production.”
“Each time production increases, there is a
corresponding increase in the amount of money. Never
at any time should interest be paid on new money.
Progress is marked, not by an increase in the public
debt, but by the issuance of an equal dividend to each
individual… Prices are adjusted to the general
purchasing power by a coefficient of prices. Social
Credit…â€
But Tom could no longer contain himself. He got up and
set off at a run, the book in his hands, to share this
glorious discovery with his four comrades.
17. Money - Elementary Accounting
So Tom became the teacher. He taught the others what
he had learned from that God-sent Social Credit
publication.
“This,†he said, “is what we can do without waiting
for a banker and his keg of gold, nor without
underwriting a debt.”
“I open an account in the name of each one of you. In
the right hand column are the credits which increase
your account; to the left are the debits which
subtract from your account.”
“Each wants $200 to begin with. Very well. We write
$200 to the credit of each. Each immediately has
$200.”
“Frank buys some goods from Paul for $10. I deduct $10
from Frank, leaving him $190. I add $10 to Paul, and
he now has $210.”
“Jim buys from Paul to the amount of $8. I deduct from
Jim $8, leaving him $192. Paul now has $218.”
“Paul buys wood from Frank for $15. I deduct $15 from
Paul, leaving $203. I add $15 to Frank’s account, and
it goes back to $205.”
“And so we continue; from one account to another, in
the same fashion that paper banknotes go from one
man’s pocket to another’s.”
“If someone needs money to expand production, we issue
him the necessary amount of new credit. Once he has
sold his products, he repays the sum to the credit
fund. The same with public works; paid for by new
credits.”
“Likewise, each one’s account is periodically
increased, but without taking credits from anyone, in
order that all may benefit from the progress society
makes. That’s the national dividend. In this fashion,
money becomes an instrument of service.â€
18. The Banker Despair
Everyone understood.
All of the members of this little island community
became Social Crediters.
The following day, Oliver, the banker, received a
letter signed by the five:
“Dear sir! Without the slightest necessity you have
plunged us into debt and exploited us.
We don’t need you anymore to run our money system.
From now on, we’ll have all the money we need without
gold, debts, nor thieves.
We are establishing, at once, the system of Social
Credit on the island. The national dividend is going
to replace the national debt.
If you insist on being repaid, we can repay you all
the money you gave us.
But not a cent more.
You cannot lay claim to that which you have not made.â€
Oliver was in despair. His empire was crumbling. His
dreams shattered.
What could he do?
Arguments would be futile. The five were now Social
Creditors: money and credit were now not more
mysterious to them than they were to Oliver.
“Oh!†said Oliver. “These men have been won to Social
Credit! Their doctrine will spread far more quickly
than mine. Should I beg forgiveness? Become one of
them? I, a financier and a banker? Never! Rather, I
shall try and put as much distance between them and me
as I can!â€
19. The Fraud Unmasked
To protect themselves against any future claim by
Oliver, our five men decided to make him sign a
document attesting that he again possessed all he had
when he first arrived on the island.
An inventory was taken; the boat, the oars, the little
press, and the famous barrel of gold.
Oliver had to reveal where he had hidden the gold. Our
boys hoisted it from the hole with considerably less
respect than the day they had unloaded it from the
boat. Social Credit had taught them to despise gold.
The prospector, who was helping to lift the barrel,
found it surprisingly heavy for gold. If the barrel
was full, he told the others, there was something in
it besides gold.
The impetuous Frank didn’t waste a moment; a blow of
the axe, and the contents of the barrel was exposed.
Gold? Not so much as a grain of it! Just rocks —
plain, worthless rocks! Our men couldn’t get over the
shock.
“Don’t tell us that he could bamboozle us to this
extent!â€
“Were we such muttonheads as to go into raptures over
the mere mention of gold?â€
“Did we mortgage all of our possessions for a few
pieces of paper based on a few pounds of rocks? It’s a
robbery, compounded with lies!â€
“To think that we sulked and almost hated one another
all because of such a fraud! That devil!â€
Furious, Frank raised his axe while, in great haste,
the banker takes sudden flight towards the near-by
forest.
20. Farewell to Salvation Island
After the opening of the barrel, and the revelation of
his duplicity, nothing further was heard of Oliver.
Shortly after, a ship, cruising off the normal
navigation route, noticed signs of life on this
uncharted island, and decides to cast anchor a short
distance offshore.
The men on the island learned that the ship was en
route to America. So they decided to take with them
what they could carry, and return to the United
States.
Above all, they made sure to take back with them the
album, “The First Year of Social Creditâ€, which had
proven to be their salvation from the hands of the
financier, Oliver, and which had illumined their minds
with an inextinguishable light.
All five solemnly promised to get in touch with the
management of this paper, once back in America, and to
become devoted and zealous apostles of the Cause of
Social Credit in their country.
Originally written by Louis Even and entitled “The
Money Myth Exposed