Fair Money for Ireland - Repudiation, National Fiat Money and Social Credit New Money Distribution

[oldickeastman]

Cathal Spelman is promoting monetary and credit reform in Ireland.   What he proposes has a household dividend that distributes all new money to meet the needs of the domestic economy, without creating debt in the process.  The dividend feature of this proposal resembles the dividend proposed by C. H. Douglas and called Social Credit, but  this version of social credit doesn't just "fill gaps" where interest drain has stolen purchasing power.  Instead, and much better, it replaces all bad debt-created money and banks power to create and destroy for which they charge interest without creating the extra money to pay the interest above principal.  The outcome of this flawed system must be interest slavery for most of the population  (as surely as outflow of principal plus  interest must, over time,  exceed the inflow of the loan-created deposits that constitute nearly all of our purchasing power - making default, foreclosure and transfer of ultimately trillions in assets to the creditors an inevitability)  and replacing  that system with here-to-stay debt-free money that functions as pure money and distributes it fairly to every citizen through a household dividend - the only source of money in the economy.  The system is a combination of monetarism that says debt and deflation are behind economic depressions, of "underconsumption" and "oversaving" theories of business depressions, of arguments against the too-speculator-friendly "multiplier effect" that results from fractional reserve banking, and of the Douglas device of a household dividend to ensure that the financial sector no longer has the power to profit creditors at the expense of beggaring debtors through deflation of purchasing power.

the huge benefits of switching away from debt based money,

namely:

Ending of the interest drain on our wealth,

Relief from mortgage pressure, as homeowners no longer have to pay interest.

A huge boost in domestic spending power.

A renaissance of Irish business and industry, driven by domestic demand.

Falling taxes as government is no longer paying ruinous interest to international financial pirates.

Rising tax revenues as incomes and spending rise along with purchasing power.

The only sector to lose out in a Fair Money system are the international financial pirates.

Cathal Spelman writes:

The current monetary system is a fraud that is looting the people of
Ireland.

All of our money is created as debt, by bank loans. Loans create deposits,
not the other way around.

For the worker in Pennys to get her hair done, she needs money created as
loans. And the hairdresser the same.

However, the interest is never created, and this means a massive drain on
purchasing power. Ultimately our assets are seized by the financial powers.

The alternative is to create money as Credit, not as Debt.

This money can then be distributed to the people as a Credit, for the
people to spend into circulation.

What happens next is phenomenal:

Spending power lifts the economy,
business prospers,
people get employed,
government gets tax revenue.

Which is the exact opposite of what happens today.

There will be no real solution unless we change to money as credit, rather
than money as debt.

I will be happy to debate this with anyone from Government, or any school
of economics.
After all, none of them have covered themselves in glory so far.

If we do not adopt a credit money system, and we stay with debt money,
then the interest drain will beggar us completly and we will be plundered
further by the financial kleptocrats.

I look forward to hear from you, and I will be happy to share these ideas
with you and your listeners.

Warm regards,

Cathal Spelman



a short strong argument for social credit

Dick Eastman

We have spent three trillion dollars  to export destructive force to fight
evil that threatens us from Iraq and Afghanistan.

What could three trillion dollars have done if spent to overcome evil in
this country?

The truth is that the  three trillion dollars could not have been spent in
this country to overcome the evils that Americans face at home. Why not?
Because neither the financial system nor the political system can
distribute such sums to be deployed against local evils, local problems,
local dangers, local good that will displace local evils.  Why not?
Because the big lenders of these sums can't and won't get that money into
the hands of the little people - except at interest rates that eventually
become one the the greatest evils of all  -- debt slavery, deflation,
depression, dispossession, destitution.  

Big Finance can only lend big money for big spending by government -- for
wars or for big disasters.  And so to find markets to invest their
accumulated interest takings from big usury, the must create wars and
create what only appear to be "natural" disasters.

The three trillion that can be spent for wars that are man made wars and
weather disasters that are man-made disasters  could never be spent to make
the families of the country better off.

The system that takes our earnings from us through interest slavery,
wage-slavery (working for monopolists), interest slavery and tax slavery
-- to pay the interest on the deficit spending for wars and other man-made
disasters -- cannot distribute money to households so that that money can
go to lessen hardship and add to potential and prospects and happiness and
ease of families.  A high percentage of our work goes to pay taxes that go
to pay interest.  It has been estimated that 40 % of every price we pay for
consumption is money that pays interest. (see Margit Kennedy here and here).

The answer is to eliminate the system that cannot distribute purchasing
power to the people,  the system that requires creating great bads --
catastrophes of war and weather -- so that governments will borrow the
money for which the Financial System is incapable of finding a good use.
The Financial System long ago quit funding the entrepreneujr  -- the Ford
or the Edison -- in this country.  We have been deindustrialized, because
the Financiers do not see gain for themselves in letting us have the
capital to develop our own means of providing for ourselves, for perfecting
our resources and skills for the good of all.  All that the market system
is claimed to achieve  -- is denied us by the financial system based on
usury and debt-based money.

The solution is to have government create all money  -- and to introduce
all new money through a free-and-clear dividend to each household  -- so
that the household will have the consumer sovereignty to direct and prosper
American enterprise that meets American wants and desires -- for the good
of each and the good of all.

Dick Eastman

Fair Money social credit doesn't just "fill gaps"-- it replaces debt-born money that generates interest slavery, replacing it with pure money that is here-to-stay and debt-free.  The market system just doesn't work without FAIR MONEY!  Fair money is a public utility that must be in place if you don't want the "invisible hand" of the market system to be a banker's hand picking people's pockets and dispossessing them of their country.