This message has been sent to all Members of the Canadian House of Commons:
I am forwarding a document outlining the basic and underlying, as opposed to superficial, causes of the current disastrous and ruinous credit "crisis" and the primary essential remedial measures required to effect an honest and stable financial system with it corollary, a viable producing and consuming economic system. Also attached is a short PDF showing how the Keynesian equations can be modified to achieve these ends. (Not included in this posting.)
Yours sincerely
Wallace M. Klinck
FINANCE, DEBT AND DEPRESSION
The so-called economic and financial "experts" are apparently totally oblivious to the fact that the financial price-system is fundamentally and increasingly non- self-liquidating. Consequently, they blame the credit "meltdown" and ensuing economic collapse on excessive extension of loans (debt) issued primarily without adequate regulatory legislation. The essential problem is that while the convention is that industry, in order to remain viable, must recover its financial costs in final prices, the existing financial system makes this a mathematical impossibility. Final price appears at the retail level. Consumers, being at the end of the economic process, are required through expenditure of their income, to liquidate all the financial costs of production. That is a perfectly reasonable and accepted accountancy convention. The crux of the liquidity failure is that, primarily due to the need for industry to add to retail prices certain increasing allocated charges in respect of capital, which do not constitute payment of income in the same cycle of production, consumers are increasingly short of income by which to meet the total retail prices necessarily charged by industry. Obviously, if nothing intervened the economy would shut down. Of course, what happens is that the consumer is evermore under necessity of borrowing (contracting debt obligations) from the banking system, that creates out of nothing the money that it lends as a repayable debt. Eventually the debt overload so erodes the liquidity of the financial system and the ability of consumers to contract and service debt that consumers can no longer keep borrowing and/or lenders cease to provide loans (in preparation for a "clean out" by foreclosure upon the assets of the people who have laboured to produce and acquire real wealth). There is nothing new about this confiscatory process. It has been characteristic of the credit system for hundreds of years—going back before creation of the Bank of England in 1694. It can only be a deliberate policy on the part of the few who are insiders "in the know" to confiscate property and centralize both ownership of property and political power. If the "experts" advice were followed and lending was simply restricted, this would just slow down the development of economic activity in spite of the national real capacity to conduct and expand that activity. This would intensify the problem of providing "jobs" with which they seem to be so strangely concerned—showing again a complete confusion of mind about the purpose of production—which purpose is not to provide work for humanity but to provide desired goods and services with maximum efficiency—which process involves minimization of all costs, including that of labour. The purpose of production is consumption—not the creation of work.The unfathomable fact is that so-called orthodox "economists" and public policy makers think first of financial factors and last of real, physical factors— and mindlessly accept the financial system as a determinant of physical activity. Money is simply a unit of account and should merely reflect, and never control, our physical activity. The whole thing, being a complete departure from reality, is quite psychotic. We are told by our “expert” advisers that we are being cast into an economic recession or slow down in actual physical production. Have we suddenly lost our energy resources (our gas, petroleum and electrical power), our mines and minerals, our information and transportation services, our forests, our cultural heritage of know-how and production expertise, etc.? Have our citizens suddenly decided to sit down on their posteriors and not do anything any more—has everyone suddenly become divested of motivation, intelligence and capability? Our course not. On a physical level everything remains essentially unchanged with an already astonishing technological efficiency and productivity only increasing exponentially over time. Yet, we are informed by the “experts” that we are slipping inevitably into a recession involving the slow down of real production. Anybody who believes this to be unavoidable, as though some consequence natural law, and is so perverse as to continue to believe it in the face of actual facts, probably fully deserves the consequences of their stupidity. As, William Aberhart, Social Credit Premier of the Province of Alberta said years ago, "If the people haven't suffered enough, it is their God-given right to suffer some more." I think people are guilt-ridden, because of sedulously inculcated false moral imperatives, such as the adulation of work for it’s own sake. Consequently they are masochistic, and therefore welcome misery as a penance and cathartic for their induced artificial and misguided feelings of guilt. The whole thing is quite mad. The physical cost of production is fully met when goods arrive completed at retail. There is no need whatsoever for consumer debt. What is required before all else is a secondary flow of consumer credits injected extraneously into the price-system without debt as Consumer Dividends and to effect Compensated (lowered) Retail Prices at point of sale in order to permit consumers full, immediate and dynamic access to all retail goods—and to balance the price-system, so allowing business to recover its financial costs so that it can continue to serve the community if consumers so desire. As C. H. Douglas, founder of the Social Credit movement who offered the only realistic alternative to currently accepted and destructive Keynesian debt finance, said, "society is hypnotized and only a drastic dehypnotization can save it." How much abuse does it take to arouse a placid and somnolent public?Wallace M. Klinck wmklinck@shaw.ca November 21, 2008
--------------------------------------------------------------------- Some introductory materials to the discussion topic of this list are at http://www.geocities.com/socredus/compendium For more information, visit http://www.eListas.com/list/socialcredit
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