Federal Council adopts monetary policy report

Federal Council adopts monetary policy report

Our solutions below:

Bern, 21.12.2016 – During its meeting on 21 December 2016, the Federal Council approved a report on monetary policy, thereby responding to various postulates referred by Parliament after the discontinuation of the exchange rate floor for the euro. The report concluded that the Swiss National Bank has appropriate governance and can perform its mandate effectively with the existing legal framework.
Many parliamentary procedural requests on monetary policy in general and on the Swiss National Bank (SNB) in particular were submitted following the discontinuation of the exchange rate floor for the euro on 15 January 2015: the Bischof 15.3091 and 15.4053 postulates on negative interest rates and SNB governance, the Rechsteiner 15.3367 postulate on the role of the Swiss franc and the Cramer 15.3208 postulate on the strong franc and shopping tourism.
The Federal Council has drawn up a report on these topics. It shows that the SNB’s monetary policy concept has proved its worth also in difficult situations such as in the wake of the global financial crisis from 2007 to 2009. The National Bank has all the instruments necessary to perform its mandate, i.e. to ensure price stability while paying due attention to the development of the economy. Furthermore, it can influence the value of the franc if it considers this to be necessary. Particular attention was paid to the issue of SNB governance. The Federal Council considers the SNB’s existing legal basis to be appropriate and sees no need to change it.
Interest rates are currently very low worldwide. This low interest rate environment is highly challenging for pension funds and banks, irrespective of the SNB’s negative interest rates, which it introduced to reduce the appeal of investments in Swiss francs. They are effective only if all financial market players are affected by them. Any exceptions would create a precedent which would diminish the effectiveness of monetary policy.
Address for enquiries
Philipp Rohr, Communications Officer, Federal Finance Administration FFA
Tel. +41 58 465 16 06, philipp.rohr@efv.admin.ch

François de Siebenthal: Swiss solutions asap, vix…God is simple and …


3 janv. 2009 – new Local Social Credit Banks, is to conduct continuing member education. This is especially important for attracting and recruiting new …

François de Siebenthal: Why a swiss national bank ?


3 sept. 2016 – Centralized control of a limited quantity of money is NOT the answer, and there is NOT … François de SiebenthalSwiss national bank + 30 %.

An interview with a former Swiss banker – michaeljournal.org


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He recently spoke to Francois de Siebenthal, who is a former banker from Switzerland, on the crisis in the financial world today and what solutions he would …

François de Siebenthal: Science-fiction & solutions


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6 juil. 2016 – Science-fiction & solutions. For us the living, by Robert Heinlein. Science-fiction can …. François de Siebenthal: Confessions of a swiss banker,.

Helicopter money

Two weeks ago, the ECB decided to extend QE for another 9 months. This means more work to be done to convince policymakers that QE is not the right response to the Eurozone crisis. Look what we achieved in 2016!

1. We organised a conference at the European Parliament

In February we hosted a very successful and well-attended conference at the European Parliament thanks to key supporting MEPs Molly Scott-Cato, Fabio de Masi and Paul Tang. The conference was an important step to establish the campaign’s credibility within the EU. » Check out the highlights from the event

2. The European Parliament published a report on helicopter money

In April, the European Parliament’s research service dedicated a special policy briefing report on the concept of ‘helicopter money’. The report mentions our work and is broadly positive. » Check it out

3. A great event in Paris

We also started to build a national coalition in France, and raised our profile by organising a public conference on May 31st in Paris. Key supporters of the campaign presented different proposals for QE for People. The conference was well covered in the French media. » Read our report

4. 18 MEPs signed an open letter to the ECB

In June, we convinced 18 MEPs to sign a joint letter to Mario Draghi, asking the ECB to “dedicate significant expertise and resources to studying the viability and implementation of innovative policies”. The letter was covered by the Financial Times. » Read the letter

5. We demonstrated the feasibility of QE for People

In September we intensified our lobbying activities in Brussels. In order to convince more MEPs about the need for QE for People, we produced a policy briefing which summarizes how and why the ECB could distribute money directly to citizens. The report is one of the few papers which clearly shows why (and how) the measure would be legal. » Read the paper

6. The vast majority of the population would support QE for People

In October, a European wide survey evaluated whether people would support the ECB for distributing money directly to individuals. The results showed that 54% would be in favour, with only 14% against. The survey also evaluates how people would spend the money.

» Check out the survey results

7. The European Parliament criticized QE for the first time

In November, the European Parliament adopted its annual resolution on the ECB. After some significant work from us engaging with MEPsIn contrast to previous years, for the first time the parliament expressed important concerns on quantitative easing, especially on its lack of effectiveness and its undesired side-effects. » Share on social media

8. The ECB itself admitted QE for People would be legal

In December, the ECB itself came out with a public letter which broadly supports our view. The ECB said ‘helicopter money’ is legal, if it is designed within the monetary policy framework. This is probably the most insightful statement the ECB has ever made on this topic, which shows they are actually thinking about it! » Check our report

9. We exposed the ECB’s support for climate change industry

We partnered with Corporate Europe Observatory to scrutinize the ECB’s corporate bonds purchases and found out that the ECB is indeed fueling polluting industries that are far away from the EU’s anti-climate change commitments. The report was mentioned in the Guardian and lots of other national media. Following up on this, Green MEPs decided to write a letter to the ECB. » Share to expose

10. We established a public-interest voice on monetary policy

More than 10,000 people are supporting the campaign and we are doing our best to make your voice heard in a debate that is mostly dominated by the financial sector. We are the only European voice representing civil society in monetary policy issues.

» Together we can make a difference. Can you spread the word and invite your contacts to join the campaign?

We wish you a very merry Christmas! See you in 2017!
The Wanderer, January 8, 2008

Should “Social Credit” Be Taken Seriously?


In his new book, *In Defense of Human Dignity: Essays on the Just Third Way: A Natural Law Perspective* (reviewed three weeks ago in From the Mail), Michael D. Greaney devotes a chapter to “A Critique of Social Credit,” arguing that the economic theory or “system” developed by English Major C. H. Douglas in the 1920s is not compatible with Catholic social doctrine.

And yet, the Douglas’ “scheme,” especially as further developed by the great French Canadian Catholic lay activist Louis Even and a host of his disciples, including a former mayor of Montreal, is an idea that is growing in popularity around the world, has been adopted by such countries as the Philippines and Madagascar, and was enthusiastically endorsed and recommended as a viable solution to the economic chaos engulfing much of the world now by His Eminence Bernard Cardinal Agre, Archbishop Emeritus of the Archdiocese of Abidan, Ivory Coast at a social action conference in Quebec this past summer.

“Social Credit” has also been the subject of favorable articles published recently in the British journal New Science, as well as by the University of Ottawa based Centre for Research on Globalization.

In an address this past June to the members of the lay action movement founded by Even, the Pilgrims of St. Michael in Rougemont, Quebec, titled “The Social Credit Lessons Are Based on the Social Doctrine of the Church,” Cardinal Agre, who serves on the Pontifical Council for Justice and Peace, explained how the doctrines of Social Credit are in complete accordance with the teachings of the Compendium of the Social Doctrine of the Church, and said he would like to see the Pilgrims of St. Michael have a permanent residence in Rome.

Cardinal Agre was one of four cardinals entrusted by Pope John Paul II to write the Compendium of the Social Doctrine of the Church.

“When you take the ten lessons on Social Credit,” the cardinal said,” they directly originate from the thought that was condensed in the Compendium of the Social Doctrine of the Church; you can fully sense the content of the Social Doctrine and the application of the Gospel in these ten lessons. I believe that we must pay much attention to this.

“You have a goldmine in the Compendium that assembles all what the great Popes spoke and said about society, starting with those who spoke most: Pius XI, Pius XII, John XXIII, Paul VI who also wrote a lot, and John Paul II. It is all of this together that makes the Social Doctrine of the Church. We must remember this.

“Money is not to be rejected, but earned honestly, and one must be careful. I leave you with this phrase: ‘We must dishonor money earned through evil.’ This means that today all the banks create money, but there is clean money and dirty money. Dirty money creates nothing, dirty money of prostitution, of all kinds of evils that we cannot name. It exists, the banks create money. All money that the banks receive is money that is clean and earned, but the money that banks create out of nothing is dirty money…

“Dishonor money that is ill­gained and ill-employed as well, because money that is ill-employed becomes noxious. That is what you read in the Ten Lessons on Social Credit and other teachings.

“Like everyone else, I came looking for hope. My hope is that no matter what, by dint of talking, educating, creating study circles, we will finally manage to break this law of iron and fire of money, of an international financial house that controls all of us; we will succeed, it is certain…”

To further show his support for the Social Credit movement promoted by the Pilgrims of St. Michael, Cardinal Agre agreed to write the forward for a new edition of the Polish language edition of Louis Even’s book on Social Credit.

In fact, the Social Credit ideas of Douglas and Even almost became law in the United States in 1932, through legislation known as “the Goldsborough Bill,” after Maryland Rep. T. Allan Goldsborough, passed by the House of Representatives, but it was defeated in the Senate after stiff opposition by President Roosevelt and the directors of the Federal Reserve.

As W. E. Turner wrote in Stable Money: A Conservative Answer to Business Cycles ( 1966): “An overwhelming majority of the U. S. Congress (289 to 60) favored it as early as 1932, and in one form or another it has persisted since. Only the futile hope that a confident new President (Roosevelt) could restore prosperity without abandoning the credit money system America had inherited kept Social Credit from becoming the law of the land. By 1936, when the New Deal (Roosevelt’s solution) had proved incapable of dealing effectively with the Depression, the proponents of Social Credit were back again in strength. The last significant effort to gain its adoption came in 1938…”

One supporter in the Senate was Robert L. Owen, Oklahoma from 1907 to 1925 (a national bank director for 46 years), who testified in the House on April 28, 1936: “…the bill which he (Goldsborough) then presented, with the approval of the Committee on Banking and Currency of the House — and I believe it was practically a unanimous report. It was debated for two days in the House, a very simple bill, declaring it to be the policy of the United States to restore and maintain the value of money, and directing the Secretary of the Treasury, the officers of the Federal Reserve Board, and the Reserve banks to make effective that policy. That was all, but enough, and it passed, not by a partisan vote. There were 117 Republicans who voted for that bill (which was presented by a Democrat) and it passed by 289 to 60, and of the 60 who voted against it, only 12, by the will of the people, remain in the Congress.

“It was defeated by the Senate, because it was not really under­stood. There had not been sufficient discussion of it in public. There was not an organized public opinion in support of it.”

No More Debt

The fundamental doctrine of Social Credit is that money is supposed to be servant, not a master, and it is the responsibility of governments to ensure there is sufficient and stable money in circulation. As Louis Even wrote in his masterpiece, In This Age of Plenty:

“Social Credit tears away the veil which has kept money some­thing almost sacred and untouchable. It makes money a simple ser­vant, and not a master — a god who dictates, permits, or forbids.

“Social Credit maintains that: All that is physically possible and legitimately requested must, by this very fact, be made financial­ly possible.

“If it is possible to build houses, roads, and construct sewage systems, it must be financially possible to pay for the necessary work and materials to build these things. If this is not possible, then one must admit that it is the monetary system that masters man, and not man who masters his monetary system. And since money consists of nothing more than engraved or printed figures, or else handwritten figures in a bank ledger, it is more than stupid and absurd, it is criminal to let families go homeless, towns without public utilities, simply because of a lack of figures…”

In the Introduction to *The Social Credit Proposals Explained in Ten Lessons And Viewed in the Light of the Social Doctrine of the Church,* available on line, Alain Pilote wrote: “Social Credit would neither create the goods nor the needs, but it would eliminate any artificial obstacle between the two of them, between production and consumption, between the wheat in elevators and the bread on the table. The obstacle today — at least in the developed countries — is purely of financial order, a money obstacle. Now, the financial system neither proceeds from God nor nature. Established by men, it can be adjusted to serve men and no more to cause them problems.

“To this end, Social Credit presents concrete propositions. Though very simple, these propositions nevertheless imply a real revolution. Social Credit brings the vision of a new civilization, if by civilization one can mean man’s relationship with his fellow men and the con­ditions of life making easier for each one the blossoming of his personality.

“Under a Social Credit system, we would no longer be struggling with problems that are strictly financial, which constantly plague public administrations, institutions, families, and which poison relationships between individuals. Finance would be nothing but an accounting system, expressing in figures the relative values of goods and services, making easier the mobilization and coordination of the energies required for the different levels of production towards the finished good, and distributing to ALL consumers the means to choose freely and individually what is suit­able to them among the goods offered or immediately realizable…

“Each citizen would be presented with this economic security as a birthright, as a member of the community, enjoying throughout one’s life an immense community capital, that has become a dominant factor of modern production. This capital is made up of, among other things, the natural resources, which are a collective good; life in society, with the increment that ensues from it; the sum of the discoveries, inventions, technological progress, which are an ever increasing heritage from generations…”

The Appendix of Louis Even’s In *This Age of Plenty: A New Conception of Economics”: Social Credit, contains the full report of a committee of nine theologians who were asked to judge whether any of its elements were tinged with socialism or communism. After considerable deliberation, the nine theologians found that Social Credit was not tainted with Socialism nor Communism, and was worthy of close attention.

In the introduction to the 1996 Polish edition of Even’s work, Bishop Zigniew Jozef Kraszewski, wrote: “What Catholics learned in the social doctrine of the Church is the way between socialism and capitalism. For many years, this doctrine has been diffused in Canada, and known as the Social Credit theory. Louis Even’s book, In *This Age of Plenty”, that I introduce to the Polish readers, is an exposition of the Catholic social doctrine that is good not only for the Canadians; this book contains a lot of instructive topics for any person who reads it and who is open to social problems. This book has not been written only for great theoreticians and scholars, but for everybody. That is why this book is precious to the Poles, especially at the time of the second miracle of the Vistula River that we are presently experiencing. (The miracle of the downfall of Communism.)” Poland miraculously succeeded in gaining its freedom and sovereignty. After the
 devastation of Communism that had been keeping us captive for so many years, we have the duty to choose the right path of social justice, based on Catholic doctrine. I think this book will largely help in achieving that. I entrust all the readers to the protection of Our Lady Victorious, who reigns in the cocathedral of Kamionku, in Warsaw.”

To learn more about Louis Even and Social Credit, see “The Michael Journal” at: http://michaeljournal.org, which is available in French, English, German, Polish, Spanish, Italian, and Portuguese.

Comments from Joe Thomson

This is the article from Paul Likoudis in the Wanderer that Greaney objected to.

“Its only aim is to remove from these banks the privilege of controlling
credit and money in order to confer that privilege to the State; this is the
only nationalization required.”

Bill, that sentence  above was taken from the piece “Social Credit and
Catholicism”  that was forwarded in your previous post….

From the way some of the Pilgrims’ literature I’ve seen is written, for
instance, it could easily be taken that “Social Credit” wants to centralize
ALL credit issue into the hands of Government.   The quote above could be
interpreted that way, too.  This could certainly lead, as it has already
often lead other authors trying to understand Social Credit and explain it
in print, to believe that it is contradictory in its desire to empower the
‘individual’, since a “State” (government) in complete control over all
‘credit’ issue seems inherently ‘socialistic’.

When I read that passage quoted  in the Levesque essay, and other material
expressed in a similar way in that essay;  and similarly in other sources as
varied as Tutte’s book,  Alf Hooke’s “30+5”,  and Vic Bridger’s latest “Good
Sense Journal” (pages 11-12, as it could be taken, and has, by John Rawson,
for one), it strikes me that we have got to have some finality over what
such passages really mean.

Either the “State”, as in “Government”, DOES HAVE complete control over ALL
credit issue, i.e. the power to create credit has been completely removed
from the private Banks and vested in some centralised agency, such as a
Reserve Bank, and the private banks are only to be “on-lenders”.

Or, we view the “State”, as I think Douglas intended it to be viewed, as the
“community” of individuals.   Where credit-issue remained with the private
banks as now, under public oversight and regulation as with any other
monopoly, of course,  but where,  within the overall banking system,  there
existed an agency to ascertain the necessary ongoing macro-economic
accounting corrections, and a means of distribution of the appropriate
credits to Consumers.

And that this, of itself, would be sufficient to restore the financial
system to proper functionality, with increasing benefits to all.

Until this is settled, I think we’re going to continue to have people like
Greaney, even more ‘honest’ ones than him,  trying to reconcile what seems
like a serious contradiction. Or using it against us.

And invariably, as I’ve seen written elsewhere by authors who have no reason
to be prejudiced against it, their view of Social Credit will be that it is
a form of  impossible contradictory crankism.

Avec mes meilleures salutations.

François de Siebenthal

skype siebenthal
00 41 21 652 54 83
021 652 55 03 FAX: 652 54 11
CCP 10-35366-2


Гражданска организация за директна демокрация, базов доход и енергийна икономика на българите, които никога не са били ангажирани във властта.

The WFC brings the interests of future generations to the centre of policy making by providing decision-makers with effective policy solutions.


Demostene vuole dare alle persone la possibilità di superare i propri limiti, sviluppare i loro talenti, in tre parole Promuovere lo sviluppo umano.

Asociación para la reforma del sistema de creación y distribución del dinero.

Transnational citizens movement | Democracy, Equality & Culture beyond nation state | Migration | MediaFreedom | Commons | LGBT | HumanRights | Precarity&Labour


NGO FairFin promotes an environmentally and socially responsible approach to money and banking.


Our mission is to accelerate changes in individual and collective behaviors towards a sustainable world.


Maak een eind aan de crisis, ontneem banken het privilege geld te maken, met Full-reserve banking


http://t.co/BnA8luE9A8 – news & informazione. Capire per agire

United Kingdom

A movement to democratise money and banking so that it works FOR society and not against it.


We advocate and promote basic income in France and Europe.


Le Mouvement Sol est un chemin et un laboratoire d’appropriation citoyenne de la monnaie pour le “buen vivir”

United Kingdom

The New Economics Foundation is an independent think tank that specialises in innovative economic thinking.


Et initiativ for demokratisering og omstilling af pengesystemet så det fungerer for samfundet som helhed. Søsterorganisation til @PositiveMoneyUK


Informar e promover a discussão sobre o Rendimento Básico Incondicional em Portugal e na UE

Paris, IDF, France

15 solutions pour sortir de la crise et changer de modèle : plus de 110 000 citoyen-ne-s engagé-e-s !
Sensible Money Ireland


Suomen Talousdemokratia ry – Ekonomisk Demokrati i Finland – Economic Democracy Finland #rahareformi #QE4people (member of @MoneyReform_Int) #rahareformilaki

Non-profit alliance working for the introduction of an Unconditional Basic Income everywhere in Europe.

What is Quantitative Easing?

Quick and easy:
Video: The Economist explains: Quantitative easing. The Economist, 2015. (2min 31sec).
Video: Quantitative Easing explained – in 70 seconds. The BBC, 2015. (1min 11 sec).
Asset Purchase Programmes (Quantitative Easing)(2016). By the European Central Bank.
An ECB QE explainer (2015). By Karl Whelan.
What is Quantitative Easing? (2015). By the BBC.
The ECB’s Quantitative Easing Programme (2015). By James Meadway.

Advanced and comprehensive:
European Central Bank Quantitative Easing: The Detailed Manual (2015). By Gregory Claeys, Alvaro Leandro, and Allison Mandra.

Why QE does not work

Quick and easy:
Video: How to Waste £375 Billion? Positive Money, 2014. (6min 15sec).
The Case Against Eurozone QE (2014). By Frances Coppola.
Why QE in the Eurozone Is a Mistake (2015). By Richard Wood and Biaggio Bossone.

Video: Why Quantitative Easing has Failed the Eurozone. Frank van Lerven at European Parliament, 2016. (10min 35sec)
QE in the Eurozone: One year Assessment (2016), Frank van Lerven.

Alternative to QE Proposals

Quick and easy:
How to jumpstart the Eurozone economy (2014). By Francesco Giavazzi, Guido Tabellini.
Better ways to Boost Eurozone Economy and Employment (2015). Letter from 19 Economists.
Quantitative Easing for the People (2015). By Thomas Fazi.
The Case for Helicopter Money (2014). By Martin Wolf.

Video: The Case for Monetary Finance. Adair Turner at IMF Conference, 2015 (21mn)
Helicopter money: The best policy to address high public debt and deflation(2014). By Thomas Fazi, Richard Wood, and Biagio Bossone.
Financing the Green Climate Fund (2015). By Matthias Kroll.
Strategic Quantitative Easing(2013). By Josh Ryan-Collins, Tony Greenham, Giovanni Bernardo, and Richard Werner.

Video: “People’s QE” – Can it work? Steve Keen on the Keiser Report, 2015. (25min 45sec)

QE for People

The following message was sent today to Australian Senator Matt Canavan in response to his newsletter endorsing an aggressive job-creation plan for Queensland by expansion of the the coal industry in that region.

“Dear Senator Matt Canavan,

“Thank you for your latest Bulletin and update on the coal industry, etc. in Queensland.

“I note that your report contains repeated references and allusions to the creation of new jobs (i.e.,”work”) for the citizens of your region. One wonders from whence originates the ideological or philosophical motivation for this apparently aggressive policy of providing “jobs” to keep the population at toil. It has the characteristic of a socialist (Keynesian), communist or national socialist policy, full-employment being the central objective of all of these totalitarian forms of government. It is certainly the underlying assumption of virtually all university courses on economics which are essentially in accord with the wealth and power-centralizing Fabian Socialist financial debt advocacy advanced by the late British Fabian Socialist economist, John Maynard Keynes, and is diametrically opposed not only to rational economics but also to Christian philosophy, being rather an intensive expression and application of Puritanism (i.e., Pharisaism) or the false Doctrine of Salvation through Works, as opposed to the Christian Doctrine of Salvation through Unearned Grace. The underlying assumption of this “works” policy is that humanity is faced with eternal scarcity and that toil is regarded as necessary to the purification of the human soul which is assumed to be otherwise irredeemably evil (especially if it is someone else’s soul). It is a denial of the Promise that there is more to Life than Bread alone.

“Economics is simply the application of energy to the conversion of materials to produce items which are useful to or desired by human beings. The only legitimate and rational purpose of economics Is to deliver goods and services as, when and where required or desired–as efficiently as possible with an absolute minimum of inconvenience to all concerned. It has nothing whatsoever to do with providing work, as such. Such a conception Is related to the degrading belief that idle hands inevitably find evil actions to commit. This necessarily involves the economics of waste and sabotage. This contention and its resulting policy has served the purposes of tyrants from time immemorial.

“The modern economic problem arises from the fact that increasing capitalization of industry by plant and technology results in an increasing disparity between consumer incomes and final consumer prices, the latter rapidly outpacing the former. The consuming public is incapable of buying the current product of industry and is forced to produce additional goods in order to earn income available to purchase goods produced not currently but in the past. Increasingly consumers and governments are forced to contract larger and larger amounts of financial debt in order to “bridge” this growing deficiency of consumer buying power. Nations are increasingly engaged in intensifying competition to export more than they import in International trade, which phenomenon is the primary cause of war. The end result of all of this is growing waste, want and International conflict.

“The locus of the problem besetting the modern economy is not to be found in production but rather in consumption. Because of growing financial charges relating to the costs of real capital and goods brought in from a previous costing cycle, industry distributes increasingly insufficient incomes in the form of wages, salaries and dividends to liquidate the final and total costs of goods the prices of which must include not only labour but all factors of production. Producing more cost-creating goods or mortgaging the future through increasing financial debt is no solution to the expanding problem of consumer income deficiency and merely transfers it as an inflationary charge on the future. The problem is that the existing financial price-system is not self-liquidating, that is, it cannot liquidate in the same costing cycle the financial costs and prices which it generates within the same cycle. This irrefutable fact invalidates Say’s Law. As the economy modernizes and non-labor factors of production increase relative to labor this financial defect is magnified while at the same time we are physically capable of producing a growing abundance of actual goods, causing thereby an increasing profusion of economic and social problems because of a growing failure or “bottleneck” in distribution.

“Continuing expansion of consumer income is absolutely essential if the costs of industry are to be met by consumer purchases. This expanded income must be met without increasing costs and prices and must be issued to consumers without being accounted as financial debt or the necessity of engaging in additional cost-creating projects. It must be issued directly to consumers, without being accounted as debt, as National (Consumer) Dividends to all citizens and to all retailers at point-of-sale enabling them to reduce their prices, that is to charge compensated prices, declining as the national consumption to production ratio decreases consequent to technological efficiency. This new purchasing power is now being issued by the banks by expansion of credit as loans all the time, but fraudulently because of their false claim to ownership of this credit by which they monetize but do not produce the community’s wealth. Attempting to compensate this inherent defect in the price system by increasing debt and further expansion of production or exports is a fools errand and can only lead to economic and social disaster.

“Ideally, all production in a fully efficient economy should be full automated, eliminating thereby all concerns for the engagement of humans in production. We are rapidly moving toward this goal and predictions are that within the next twenty or so years in the United States approximately fifty per cent. of all “jobs” across the board will be eliminated by automation and artificial intelligence. This is a marvellous prospect if humans can only muster the basic intelligence to provide a financial mechanism whereby the product can be distributed to the consumers for whom it is intended.

“I might add that increased prices for commodities is not a rational or desirable goal. Maximum efficiency and resultant abundance should, and would, ideally reduce prices to zero. When one walks in the meadows or the woods one is supplied with an absolute adequacy of fresh air which is of absolute “value” and importance to human life but has no financial value whatsoever. According to our distorted sense of value this essential, abundant and priceless air should be regarded as valueless and should be avoided as useless and of no consequence whatsoever. We must break the rigid historical Puritanical link between human labour and the right to consumption, which ignores the fact that production is today increasingly accomplished less by the application of human energy, and is inspired by a false moralism that is increasingly a violation of natural law in an age of abundance, where securing of markets and not of production capacity, is the major challenge to industry.

“I recommend the following recently posted YouTube video and provide further relevant links. https://www.youtube.com/watch?v=NdcVuf8ajxc

Wallace Klinck”










Major C.H. Douglas on “Causes of War” – part 1 – YouTube

Major C.H. Douglas on ‘The Causes of War’ – part 2 – YouTube






In this episode we talk with Emma Dawnay who represents the Swiss Vollgeld initiative. Just like Positive Money in the UK and Ons Geld in The Netherlands, the Swiss organisation wants to give the exclusive right to print money to the Swiss State. For this purpose over 100,000 signatories have been collected so it will now be put to a referendum.
Meeting at the Dolder Grand, Zürich, October 3rd 2016
from Martin Wolf, Financial Times
from Sam Gerrans (Russia Today)
from Vollgeld-Initiative
Switzerland is politically unique in this regard as the Swiss Constitution provides a political instrument known as the Volksinitiative (Peoples’ Initiative) which enables Swiss citizens to launch an initiative aimed at changing specific provisions within the Swiss Constitution. To do so requires first of all the collection within an 18 month period of 100’000 valid signatures in support of the initiative. Should this hurdle be surmounted, the initiative would then be put to a national vote.
In a nut shell, the proposal extends the Swiss Federation’s existing exclusive right to create coins and notes, to also include deposits. With the full power of new money creation exclusively in the hands of the Swiss National Bank, the commercial banks would no longer have the power to create money through lending. The Swiss National Bank’s primary role becomes the management of the money supply relative to the productive economy, while the decision concerning how new money is introduced debt free into the economy would reside with the government. As is evident from the foregoing, the MoMo monetary reform initiative is essentially based on the monetary reform advocated by PositiveMoney.
For those interested in following the developments of the campaign, or who would like to understand the detailed provisions, including those relating to the transition period,  please refer to the campaign website. The website is in German, French, and Italian, so language might present a limitation for many of you. Nevertheless, we do encourage you to visit the website and if you have specific questions, to leave a message in English. Someone from the team who speaks English will get back to you. The biggest challenge for the team at this stage of the campaign is to find the needed help and financing for signature collection. The minimum amount of funding required for a successful campaign is estimated to be 400’000 CHF or just over 270’000 GBP. Although, this is a non-UK initaitive, should the MoMo team succeed in putting such a fundamental reform proposal to a national vote, this would be a momentous achievement for the monetary reform movement in Europe and across the globe.  All eyes would be fixed on Switzerland, because success for this small but significant player in the financial arena would inevitably have a ripple effect in other countries.

Union de Fribourg réactualisée


Union de Fribourg réactualisée

Samedi 5 septembre à l’Université Miséricorde de Fribourg, quelque huitante personnes ont assisté au lancement de la plateforme Dignité & Développement, voulue par Mgr Charles Morerod afin de mettre en commun les acteurs chrétiens qui participent à la réflexion sur les actuels enjeux sociétaux. Diverses thématiques ont été présentées autour desquelles des groupes de réflexion se réuniront pendant trois ans.

Une dizaine de sujets, récoltés en amont auprès d’institutions et de privés, ont été présentés samedi après-midi devant l’auditoire de l’Université de Fribourg, lors d’une conférence interdisciplinaire sur le bien commun. Certains participants s’inscrivent dans la mouvance de la dernière encyclique du Pape (Laudato Si’) et souhaitent aborder l’écologie, y compris dans son lien avec les inégalités sociales. D’autres veulent questionner le droit international : le bien commun en est-il encore le noyau ? et quel est le rôle des religions dans la refondation du droit international relatif à l’être humain ? Ont été aussi proposées des réflexions sur la formation, la responsabilité des acteurs économiques ou encore les enjeux liés au monde du travail : quelle place accorde-t-on, par exemple, aux employés qui aujourd’hui ont été remplacés par des outils informatiques ?

Toute personne intéressée à participer à l’un des groupes de travail ou à proposer d’autres sujets de réflexion peut encore s’annoncer à chancellerie(at)diocese-lgf.ch

Les sujets soulèvent déjà les passions….

Pour nous suivre en direct. et en différé sur les archives. La Web TV de la BNS. Dès 10 heures ce vendredi 29 avril 2016.


Dans l’histoire des peuples, la Suisse aura le dernier mot » 

selon Victor Hugo…
« … encore faut-il qu’elle le dise »…

selon Denis de Rougemont dans son livre La Suisse ou l’Histoire d’un Peuple heureux.

Nous le disons 🙂 … ci-dessous…

Projet de loi d’application de monnaie-pleine


                                                    (Honoré de Balzac)

                                USURE de L’USURE

Le conseiller national Geri Müller avait déjà posé 4 de nos questions au Conseil fédéral en 2012 ! Et que ces questions avaient été classées sans suite… Merci Gérard Foucher 😘

Face à la crise de l’euro et de la dette, je prie le Conseil fédéral de prendre position sur la question de la création de monnaie en Suisse. Selon la théorie économique qui prévaut, la plus grande part de la masse monétaire M1 est créée par l’accroissement de la somme des bilans des banques commerciales et non par la Banque nationale suisse (BNS), ce que confirme d’ailleurs le lexique de cette dernière: “Les banques créent de la monnaie en accordant des crédits; cf. lexique de la BNS”.

Partant de ce constat, je prie le Conseil fédéral de répondre aux questions suivantes:

1. Aux termes de l’article 2 de la loi fédérale sur l’unité monétaire et les moyens de paiement (LUMMP), seuls sont considérés comme moyens de paiement, les espèces métalliques, les billets de banque et les avoirs à vue auprès de la BNS. Sur quelle base légale se fonde la pratique générale (suivie également par les autorités) de considérer les avoirs à vue auprès des banques comme des moyens de paiement légaux, alors qu’ils ne constituent qu’une créance sur ceux-ci, qui sera honorée ou non par les banques selon leur solvabilité?

2. La création de monnaie scripturale des banques commerciales est-elle conforme au droit régalien de la Confédération, selon l’article 99 de la Constitution, qui dispose que “la monnaie relève de la compétence de la Confédération”?

3. Comme le Conseil fédéral l’a relevé dans son message du 26 mai 1999 concernant la LUMMP, “Les avoirs à vue auprès d’une grande banque, d’une banque cantonale ou régionale, ou encore d’une organisation de cartes de crédit, ne sont effectivement pas la même chose que ceux déposés à la BNS, qui est le seul établissement du pays … à pouvoir créer de l’argent à son gré”. L’Etat ne peut donc déclarer la monnaie scripturale des banques comme moyen de paiement légal (99.051). Or vu qu’elle est considérée dans les faits comme telle, le Conseil fédéral ne pense-t-il pas qu’il serait nécessaire de préciser cette distinction dans la loi parce que la majorité de la population continue de penser que la mise en circulation de moyens de paiement libellés en francs est exclusivement du ressort de la BNS et par conséquent garantie?

4. Comment le Conseil fédéral légitime-t-il ce droit des banques commerciales de créer de la monnaie, sans qu’elle soit entièrement garantie par un capital, en accordant des crédits, qui augmentent la somme de leur bilan, alors que les particuliers ne peuvent consentir des prêts que s’ils disposent de l’argent?

La discussion est reportée.
En suspens depuis plus de deux ans; classement.


The financial enigma resolved — A debt-money system

français español italiano português Deutsch po polsku

by Louis Even

“The Money Myth Exploded” was one of the first articles of Louis Even, and remains one of the most popular to explain how money is created as a debt by private banks. It is available in the form of an 8-page leaflet (tabloid format) that you can order from the “Michael” office, in several languages: English, French, Spanish, Italian, German, Polish, Portuguese.

1. Shipwreck survivors

An explosion had blown their ship apart. Each one grasped the first bit of wreckage that came to hand. And when it was over, there were five left, five 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 some passing ship sight them? Would their make-shift raft finds its way to some friendly shore?

Suddenly a cry rang out: “Land! Look! Over there, in the direction the waves are carrying us!”

And as the vague silhouette proved itself to be, in fact, the outline of a shore, the figures on the raft danced with joy.

They were five. There was Frank, the carpenter, big and energetic. It was he who had first cried, “Land!”.

Then 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 is 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, a little on the stout side, seated on a trunk salvaged from the wreck.

And finally Tom, a 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

To our five men, setting foot on land was like returning to life from the grave.

When they had dried and warmed themselves their first impulse was to explore this little island on to which they had been cast, far from civilization.

A quick survey was sufficient to raise their spirit. The island was not a barren rock. True enough, they were the only men on it at the moment. But judging from the herds of semi-domesticated animals they encountered, there must have been men here at some time before them. Jim, the animal breeder, was sure he could completely domesticate them and put them to good service.

Paul found the island’s soil, for the most part, to be quite suitable for cultivation.

Harry discovered some fruit trees which, if properly tended, would give good harvests.

Most important were the large stands of timber embracing many types of wood. Frank, without too much difficulty, would be able to build houses for the little community.

As for Tom, the prospector, well, the rock formations of the island showed signs of rich mineral deposits. Lacking the tools, Tom still felt his ingenuity and initiative could produce metals from the ores.

So each could serve the common good with his special talent. All agreed to call the place Salvation Island. All gave thanks to Providence for the reasonably happy ending to what could have been stark tragedy.

3. True wealth

Here are the men at work.

The carpenter builds houses and makes furniture. At first they find their food where they can. But soon the fields are tilled and seeded, and the farmer has his crops.

As season followed season this island, this heritage of the five men, Salvation Island, became richer and richer.

Its wealth was not that of gold or of paper bank notes, but one of true value; a wealth of food and clothing and shelter, of all the things to meet human needs.

Each man worked at his own trade. Whatever surpluses he might have of his own produce, he exchanged for the surplus products of the others.

Life wasn’t always as smooth and complete as they could have wished it to be. They lacked many of the things to which they had been accustomed in civilization. But their lot could have been a great deal worse.

Besides, all had experienced the depression in Canada. They still remembered the empty bellies side by side with stores crammed with food.

At least, on Salvation Island, they weren’t forced to see the things they needed rot before their eyes. Taxes were unknown here. Nor did they go in constant fear of seizure by the bailiff. They worked hard but at least they could enjoy the fruits of their toil.

So they developed the island, thanking God and hoping for the day of reunion with their families, still in possession of life and health, those two greatest of blessings.

4. A serious inconvenience

Our men often got together to talk over their affairs.

Under the simple economic system which had developed, one thing was beginning to bother then more and more; they had no form of money. Barter, the direct exchange of goods for goods, had its drawbacks. The products to be 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 man might have an article of considerable size which he wished to exchange for a number of smaller articles produced by different men at different times.

All this complicated business and laid a heavy burden on the memory. With a monetary system, however, each one could sell his products to the others for money. With this money he could buy from the others the things he wanted, when he wished and when they were available.

It was agreed that a system of money would indeed be very convenient. But none of them knew how to set up such a system. They knew how to produce true wealth – goods. But how to produce money, the symbol of this wealth, was something quite beyond them. They were ignorant of the origin of money, and needing it they didn’t know how to produce it. Certainly, many men of education would have been in the same boat; all our governments were in that predicament during the ten years prior to the war. The only thing the country lacked at that time was money, and the governments apparently didn’t know what to do to get it.

5. Arrival of a refugee

One evening, when our boys were sitting on the beach going over their problem for the hundredth time, they suddenly saw approaching a small boat with a solitary man at the oars.

They learned that he was the only survivor of a wreck. His name: Oliver.

Delighted to have a new companion, they provided him with the best that they had, and they took him on an inspection tour of the colony.

“Even though we’re lost and cut off from the rest of the world,” they told him, “we haven’t too much to complain about. The earth and the forest are good to us. We lack only one thing — money. That would make it easier for us to exchange our products.”

“Well, you can thank Providence,” replied Oliver, “because I am a banker, and in no time at all, I’ll set up a system of money guaranteed to satisfy you. Then you’ll have everything that people in civilization have.”

A banker!… A BANKER!… An angel coming down out of the clouds couldn’t have inspired more reverence and respect in our men. For, after all, are we not accustomed, we people in civilization, to genuflect before bankers, those men who control the lifeblood of finance?

6. Civilization’s god

“Mr. Oliver, as our banker, your only occupation on this island will be to look after our money; no manual labour.”

“I shall, like every other banker, carry out to complete satisfaction my task of forging the community’s prosperity.”

“Mr. Oliver, we’re going to build you a house that will be in keeping with your dignity as a banker. But in the meantime, do you mind if we lodge you in the building that we use for our get-togethers?”

“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 there’s a little barrel which I exhort you to treat with the greatest care.”

They unloaded everything. The small barrel aroused intense curiosity in our good fellows.

“This barrel,” Oliver announced, “contains a treasure beyond dreams. It is full of… gold!”

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 or absence or slightest caprice could decide the very fate of all the civilized nations!

“Gold! Mr. Oliver, you are indeed a great banker!”

“Oh august majesty! Oh honorable Oliver! Great high priest of the god, gold! Accept our humble homage, and receive our oaths of fidelity!”

“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.”

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?”

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.

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 very ignorance makes me their master.”

And as evening drew on, the five came to Oliver — on the run.

8. Who owns the new money?

Five bundles of new banknotes were sitting on the table.

“Before distributing the money,” said the banker, “I would like your attention.

“Now, the basis of all money is gold. And the gold stored away in the vault of my bank is my gold. Consequently, the money is 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.”

“Oh, that’s quite reasonable, Mr. Oliver.”

“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. By it you will bind yourselves to pay both interest and capital under penalty of confiscation of property by me. Oh! This is 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.”

“That makes sense, Mr. Oliver. We’re going to work harder than ever in order to pay you back.”

“That’s the spirit. And any time you have a problem, you come and see me. Your banker is your best friend. Now here’s two hundred dollars for each one of you.”

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.

And 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? It is because Tom, like the others, has signed an agreement to repay Oliver, in one year’s time, the $200 plus $16 interest. But Tom has only a few dollars in his pocket, and the date of payment is near.

For a long time he had wrestled with this problem from his own personal point of view, without success. Finally, he looked at it from the angle of the little community as a whole.

“Taking into consideration everyone on the island as a whole,” he mused, “are we capable of meeting our obligations? Oliver turned out a total of $1000. He’s asking in return $1080. 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 the interest.

“Even if a few, without any thought for the others, were able to do so, those others would fall. And the turn of the first spared would come eventually. The banker will have everything. We’d better hold a meeting right away and decide what to do about it.”

Tom, with his figures in his hand, had no difficulty in proving the situation. All agreed that they had been duped by the kindly banker. They decided upon a meeting at Oliver’s.

(continued on page 2)




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