Invitation. Switzerland, an economic democracy

What is an economic democracy ? Swiss project partially based on Goldsborough Bill

Invitation:  5 February 2018

Migros, one of the biggest swiss cooperative, belongs to the swiss people, why not the Swiss National Bank and the billions of the swiss francs illegal creation out of nothing by commercial banks?


BILL TO CORRECT MONEY CREATION IN USA IS PASSED BY HOUSE BY 289 VOTES TO 60; Goldsborough Measure Directs Reserve Board to Control Credit and Currency. 

This is an impressive document.  It articulates policy without specifying details.  It articulates:

1.       A sound rationale in its preamble for its authority to do so and concise reasons why it is needed – i.e. the precise cause of the gap.
2.       A restatement of Douglas’s principle that the purpose of production is consumption and that the best system is the one that gets goods into the hands of consumers as, when and if needed at the lowest possible cost.
3.       The basic framework for government administration departments is given;  Federal Credit Commission (FCC) and issue of debt-free money under the Treasury.
4.       Defines the just price mechanism by which the compensated price discount shall be calculated.
5.       The mandate to ensure no more credit is issued than can be supported by social credit – i.e. national productivity.
6.       A provision is made for dividends under the guidance of the FCC so that it can be properly factored with the compensated price (CP) in order to meet the policy objective of not causing inflation.
7.       Discount only applicable to consumers.

… more, 

https://drive.google.com/file/d/0B-p0lmjLtiXzdTRGV05TSmw0dmx1QlRfM1BnRU1PMDEwd3Jv/view?usp=sharing


Winston Churchill summed it up so well:
“Who would have thought that it would be easier to produce by toil and skill all
the most necessary or desirable commodities than it is to find Consumers for
them? Who would have thought that cheap and abundant supplies of all the basic
commodities would find the science and civilization of the world unable to utilize
them? Have all our triumphs of research and organization bequeathed us only a
new punishment: the Curse of Plenty? Are we really to believe that no better
adjustment can be made between supply and demand? Yet the fact remains that
every attempt has failed. Many various attempts have been made, from the
extremes of Communism in Russia to the extremes of Capitalism in the United
States. They include every form of fiscal policy and currency policy. But all have
failed, and we have advanced little further in this quest than in barbaric times.
Surely it is this mysterious crack and fissure at the basis of all our arrangements
and apparatus upon which the keenest minds throughout the world should be
concentrated.” Winston Churchill (1930)
That “mysterious crack and fissure” is nothing more or less than a flawed cost accounting system that generates costs at a faster rate than it generates the means with which to meet them.  It is truly pitiful that one of his own countrymen, Douglas, had already brought it to the attention of many of the people in high office Churchill worked with, and yet he was so oblivious of, that he made these remarks.  The men who blocked the message to Churchill were the ponerologists of his day – men who were not their brother’s keeper, though they claimed to be so and were elected to do so.  Bob is spot on when he remarks “Today only a dimwit would deny that he got that right.  Alas, we are plagued by dimwits, and social sell-outs, aplenty in the political and economic spheres.”  The thing we are most dim about is the futility of the political process to affect change.  Lunatics are running the asylum.
Nothing will change until a critical mass of humanity wakes up to these basic truths and perceives their obvious fix.  Fill the GAP!  That should be our slogan.  Nothing else matters in relative comparison of importance.  We must help others to see this truth as best we can with the means at our disposal until the critical mass produces the needed combinatorial explosion.  …

We are probably close to half way there right now.  Many more than that know exactly what the problem is – flawed banking lead by greedy sociopaths that want to rule the world.  But few know the fix.  Math gives me hope.



Sincerely, Dean


Douglas’s/the social credit insight is summed up in the dynamically aware phrase “the rate of flow of total costs/prices exceeds the rate of flow of total individual incomes.” In other words the problem is the dynamically dragging to a stop scarcity ratio between costs/prices and individual incomes….and the resolution of that problem is an inversion and transformation of that ratio….into an abundance ratio….


Steve H.


and see below…

Our Money, Our Banks, Our Country

5 February 2018
Money Creation in the Modern Economy
Switzerland is the most prominent semi-direct democracy today, with regularly occurring, publicly initiated and then binding referenda. In 2018, a referendum will be held to change the national constitution mandating a change in the monetary/banking system into a Chicago-Plan Style (Vollgeld). Although this has been studied for decades, no jurisdiction has yet taken action. The purpose of the conference is to examine this topic from all viewpoints and create a discussion among global experts as to the impact of this change in today’s economic environment.
  • How is money created in the general economy today?
  • Have the measures introduced since the global crash of 2007/2008 stabilized our banking system?
  • Why are debt levels increasing exponentially?
  • How has the structural monetary/banking system fundamentally changed over the last 50 years?
  • What are the social ramifications of this fundamental change?
  • Is a radical rethinking of our system feasible or is it only a pipe dream?

Information

Students and professors: 25 CHF, contact vollgeld@gdi.ch and send the credentials as PDF.
Date : 5 February 2018
Price : Full price: 650 CHF
GIC and CFA Members. Voucher code can be requested through Colleen Murphy for GIC and info@swiss.cfafor CFA.

GIC and CFA Members: 325 CHF

The conference fee includes all food and beverages. Participants registering less than two weeks before the event can pay by credit card only.

Event location GDI Gottlieb Duttweiler Institute 
Langhaldenstrasse 21
CH- 8803 Rüschlikon

Gottlieb Duttweiler was +  the Founder of the Migros Coop. ).
Further

Languages:  German/French/English (simultaneous translation)

Changes to the programme

The programme is subject to change. If an event does not take place, fees will be refunded. Further claims are ruled out.

Cancellation

If you are unable to attend, please let us have your cancellation in writing. The fee will be reimbursed on cancellation thirty or more days before the event. After this term and until five full working days prior to the event we will charge 75% of the fee. In the event of later cancellations we will charge the full participation fee. Substitute participants welcome.

Hotel reservation

To benefit from special rates, please use the following email adresses and refer to the following code: VOLLGELD2018

Hotel Sedartis, Thalwil: info@sedartis.ch

Hotel Belvoir, Rüschlikon: info@hotel-belvoir.ch

Transport

There will be a free shuttle bus service between the GDI and the Hotel Sedartis Thalwil and Thalwil train station.


Positive money in Switzerland , Vollgeld , monnaie-pleine ?
A BILL
To provide a national monetary policy which will have a definite relation­ship to the requirements of domestic industry and trade under the condi­tions imposed by our power economy, which will enable the maximum production and consumption of needed and wanted goods and services to take place within the limits of domestic productive capacity, which will ensure the maximum delivery of needed and wanted goods and services to indi­viduals, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
TITLE I – COMPENSATED RETAIL PRICES
Declaration of Policy
SECTION 1. Whereas it is the Constitutional prerogative of Congress to create money and regulate the value thereof, and whereas book entries represent­ing bank liabilities to their depositors, loan customers, or other owners or holders of such accounts have the force and fulfill all the functions of money and are hereby declared to be money, and whereas the value of money is its purchasing power over goods and services and all other forms of prop­erty or property rights or evidence of ownership of such rights and property, and whereas the purchasing power of money varies inversely with the price of such goods, services, property and property rights, and whereas under existing law regarding the creation of bank deposit liabilities and under existing law and custom with regard to private ownership, contract and in­debtedness the total sum of prices for goods and services produced tends to outrun the total amount of money available to buy them except at a financial loss to the producers of such goods and services, it is hereby declared to be the policy of Congress to adjust and control the volume of money so as to keep it equal at all times to the total sum of prices for goods and services on sale plus the total sum of the properly accounted unliquidated costs of goods and services in process of production in order to facilitate the maxi~ mum delivery of goods and services to the people of the United States in conformity with their desires and with the productive capacity of the national economy.
SECTION 2. In pursuance of such policy national currency notes are to be issued for financing a discount on prices to consumers at retail, as herein­after provided.
SECTION 3. As used in this title—
(a) The term “national currency notes” means United States currency legal tender in payment of all debts and taxes but not available to banks us
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part of their cash reserves against deposit liabilitieexcept on dollar-to-dollar ratio to aequivalent sum of their deposit liabilities.
(b) Thterm retail discount” meanpercentage figure, to bdeter­mined by thFederaCrediCommission and published bthSecretary of thTreasury as hereinafter providedwhicmay be applieas a discount on thprices of goods and services offered by retailers to ultimate consumers.
(c) Thterm “compensated price” means thretaipricof goods and serviceafter the application of thretail discount. Sales of second hand goods will not be eligiblfor thretail discount.
(d) Thterm “retailer” means any seller ogoodsincludindwellings and services, to ultimatconsumers who are natural persons, for their individual or family use and not for resale, and also includes serviccorporations insofaas they supply serviceat retail to thpublic for personal or family use.
(eThterm services” means passenger transportation, distribution to homes of gas and electricity for domestic purposesrental ohomes, hospi­talizationmedical careeducationtheatricaentertainment, and any other professionaor nonprofessional services that may bsupplieby individuals, partnerships, or other organizationsprovided that the prices charged for all such servicearbased upon accepted principleof cost accounting.
(f) The term national credit” means thamount of national wealth againswhich money may safely bissuewithout resulting in inflationary priclevels.
(g) Thterm “national credit account” means an account in thTreas­ury of the United States against which national currency notemay beissued for the purpose of giving effect to the provisions of this Act.
Determination of Retail Discount
SECTION 4.
(a) Beginning ninety days after thpassage othis Actthe retail dis­count for eacquarter shall be determined by the Federal Credit Commission and proclaimed by thSecretary of the Treasury on the first day of each quarter or at such other times as the Federal Credit Commissioshall recommend.
(b) Upon thpassagof this Act and until thretail discount ideter­mineand proclaimeaabove provided, thretail discount shall be 20 pecentum. Thereafter thretail discount shall bthapercentage which thdifferencbetween thmoney value onational productioand that of nationaconsumptiobears tthaonationaproduction. National produc­tioshall include all additions to existinvaluethat may bproduced in whatever categorof production, and shall includimports, but shall not includwrite-upof existinphysicacapital.National consumption shall includretail sales, but at thuncompensateretail price level, exportsanpropeallowances for depreciation, waste, and obsolescenceIn arriving at thesfigures only existinpriceand priclevelshall bused, in order that thproductioand consumptiovalues expressed shall alwaybe measured in terms of the existindollar.
(c) If nationaconsumption as hereabove described shall at any time ex­ceed nationaproduction no retail discount shall be proclaimed. After each proclamation of thdiscount thdata used in thdetermination thereof shall bmada matter of public record.
(dAfter thpassagof this Acand in the event of any subsequenAct
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by which Congress should authorize that direct payments tindividuals be made from the national credit account but not in settlement of retail dis­count vouchers, theall such payments shall bcalculateby the Federal Credit Commission as aadditioto national consumption during the period in which thearto bpaid.
(e) It shall bunlawful for any member or employee of the Federal Credit Commission to disclosthretail discount or aninformation re­ceived or employed in connection with thdetermination of the retail dis­count before said discount shall have been proclaimed bthSecretarof thTreasuryWhoeveviolates any provision othis subsection shall be dis­missed from such membership or employment and shall bpunishedupon conviction of such violationbfine of not more tha$1,000 or imprison­ment for not morthan one year, or both.
Application of Retail Discount
SECTION 5After thpassage othis Act thretail discount shall bapp­licable to purchaseof goodand services from retailers as definein this Act, madbconsumers who arnatural persons, for thpersonal usof the consumeor his family and not for resale, trade, or manufacture. The application of said retail discount in trade shall be evidenced bsuitable vouchers or forms prescribed bthe Secretary of the Treasury. Said vouch­ershall bused in reimbursinthretailer for selling goods and services at thcompensated price. Thintent of thiAct itprovide a continuous settlement through thbanks to retailers for sales at thcompensated pricas provided in section 7 of thititle.
Contracts and Regulations
SECTIO6.
(a) No retailer shall be entitled to compensation on sales at thdiscount unless hhaapplied tthSecretary othe Treasurfor, and has received, a certificatof authority or licenseand has agreed to conform to such regu­lations as to cost accounting and maximum ratof profit on turnover of sales as shall be determined by thSecretary of thTreasury after public hear­ings opeto all interesteparties. It shall be thedutothFederal Credit Commission tbrepresented asuch hearings, to defend the general inteest of the consuming public, anto subordinate all questions of special interestto that of the nationacredit as defined in this title. Decisions of thFederaCredit Commission as to the nationacredit shall bfinal.
(b) ThSecretary of thTreasurmay suspend or revoke any certificatof authoritor license issued by hito any retailer, after reasonablenotice and opportunity for hearintthretailerupon satisfactory evidence that the said retailer has not conformed tthe regulationunder which his cer­tificate or license has been issued. An order suspending or revoking the cer­tificate of license issueby thSecretary shall bfinaanconclusive unleswithin ninety days after its service the retailer appeals to the circuit court of appeals for thcircuit in which he is doinbusiness bfiling with the clerk of said court a written petition prayinthat thordeof thSecretary be set aside. Such order shall be stayed pendinthe disposition of appellatproceedings by thcourt. Thclerk of the court in which such a petition is fileshall immediately cause a copy thereoto bdelivered to the Secretary and he shall forthwith preparecertify, and filin the court a full and accu-
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rate transcript of the recorin thproceedingheld beforhim undethis subsectionthchargesthevidence, and thorder suspendinor revokinthe certificator license. Upon thfiling of thtranscript thcourshall have jurisdiction taffiror seasidthorder of the Secretary or tdirect him to modifhis order, and thfindings of the Secretaratthfacts, if supporteby thweight of evidence, shall bconclusive.
(c) Whoever falsifies anaccount relatintthe issuance of thdicount at retail, or thgoodpertaining thereto, shall be guilty of a misde­meanor. Whoeveby collusion falsifieaccountarisinin thcosts opro­duction and distribution tthretailers shall be guilty oconspiracy to defraud. Whoever violates any provision of thisubsectioshall be punishedupon conviction thereof, by a fine onot mortha$1,000 or imprisonment for not morthaone year, oboth.
Compensation of RetailerThrough Banks
SECTIO7.
(a) Iorder to compensatretailers for their disbursaothretail discount, all bankithe United States, itTerritories, and possessions, egageiinterstate commerce, are hereby authorizeand directed to accept all voucherevidencindisbursal othretail discount andincluded in thregular deposits of their customers who hollicenseto disburse the dis­count, and to honosucvouchers as ithey were cash deposits, in the amounof thdisbursals evidenced thereby.
(b) Banks entering credits to depositors oaccount of retaildiscount vouchers shall charge them to their nationacurrency notes account,and the Secretary of thTreasury, or his agentshall deliver to saibanks, on re­quest, national currency notes to a facvalue equivalent tthe amount of the retail vouchers entered in the bookothe bank. Thbanks shall bentitled to make a reasonablserviccharge tsuch depositors for the services renderedThamount osuccharge shall bfixed bthFederaCrediCommission.  
(c) Retailers‘ deposit accounts writteup bthmethod hereipro­videshall btreateby all banks as part of their circulating depositjustas if thwrite-up haoccurred through thdiscounting of their customers’ own notes, and thcheckdrawagainst theshall circulatin the usuamanner.
(d) Anperson whmakes a false entry oa retail discount voucheror who presents falsretail discounvoucher tbank fodeposit, or anretailewho manipulatehisaletotals in obtaininsettlemenof thcom­pensateprices shall be punished, upoconvictiothereof by a court of competent jurisdictionby a finonomorthan $10,000 or bimprison­ment for not morthan two years, obothand in addition hilicenstdispensthdiscounshall be revoked.
TITLII – FEDERAL CREDIT COMMISSION 
Organization oCommission
SECTION 201.
(aTcarry out thpurposeof this Act theris herebcreateFeeral Credit Commission (referred tithis titlathe “Commission“).The Commissioshall be composed of seven Commissionerwho shall bap­pointed bthPresident by anwith thadvice and consenof thSenate.
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No person shall be eligiblfor appointment as Commissioner unless his citizeof thUniteStateand in thjudgmenof thPresident qualified tdeveloexpert knowledgoeconomic, industrial, and statistical problems antperform efficientlthdutierequireby this Act. Not morthan four of thCommissioners shall be members of thsampolitical party. Terms oofficothe Commissioners shall expireadesignateby thPresident, one at the end of each of the first seven years after the pasagof thiActThterof office of successor shall expire seven years from thdate of the expiration of the term for which his predecessor waappointed, except that anCommissioner appointed to fill a vacancy occur­ring prior tthe expiration of thterm for which his predecessowas appointeshall be appointefothremainder of such term. Commissionershall beligiblfor reappointment and shall receive a retirinpensioo$2,000 peannum for eacyear of service, but not in excess of $14,000 per annum.
(bThCommissionershall bexofficimemberof thFederal ReservBoard.
(c) ThPresident shall annually designatonof the Commissioners to act aChairmaof thCommission. Each Commissioneshall receive a salary of $20,000 peyear. NCommissioner shall engage in any other busi­ness, vocation, oemployment than thaof serving aCommissioner.
(d) ThCommissioshall havauthorittemploy and tfithcom­pensation osuch special experts, examiners, statisticians, clerks, and otheemployees ait may from timto time find necessary for the proper per­formancof its duties.
Duties of the Commission
SECTIO202.
(a) Theris hereby created an account in thTreasury of the United States to bknown as thnational credit account. This account shall bcredited frotime ttime at thdirectioof the Commission with thdif­ference between thdollar value of thnational production and that of thnational consumption, as determined by the Commissionwhen the value of thnational production is greater than that of thnationaconsumptionAt the end oeacperiod thamount in thnationacredit account which shall not have been drawn upoin that period shall bwritteoff. If beforthenof any period thnational credit account shall havbeen entireldrawn downwhilretail saleanbank acceptanceoretail sales vouchers arcontinuinathauthorized retail discount, thCommission may at itdis­cretionempower thSecretary of thTreasurto continutissunationacurrency noteupon thdemand of the banks until further noticfrom thCommission and such additionacurrency will not ba charge upon thnationacredit account in anfuturperiod. The Commission maalsrduce or suspenthretail discount beforthexpiration of any period in accordancwith later figures for national productionand consumption which may bin itpossession.
(b) ThCommissioshall use all reasonablways and meanto determine thretail discount aaccurately as possible strictly in accordancewith‘ thmethodprescribein section of title I of this Acand without any extraneous influencor advice. Thdecisions of thCommission as to thretail discount shall bfinal.
(c) ThCommission shall establish and maintain a statistical bureau to
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collect and coordinatthe data necessary for carrying out thprovisions of this Act and shall bguided in its decisions by thfacts disclosed.All statistical departments of thFederaGovernment shall furnish sucaid and information as may brequired bthCommission. The Commission shall have authority to call for data and statistics froall economic organizations, tradassociations, and private businesswhich may be required in thjudg­ment of thCommission for carrying out the purposes of this Act.
(d) It shall bthduty of thCommission tfithe service charge for handlinof retail discount vouchers by thbanks for their customers as prescribed in this Act.
(e) It shall also bthduty of thCommission to hold hearings upon and to givpublicity to thearnings of wholesalers, manufacturers, primproducers, and commodity speculators, and trecommend tCongress remedial legislation or special tax measurewith respect to sucearningif in thjudgment of the Commission they arderived from an unnecessary rise in factory, raw material, or wholesalpricewhich by unduly raisinthe dollar valuof thnational credit account would causit to contributto an artificially sustained inflation and unfair distribution of the total na­tional income to thdisadvantage of any class or section.
Interference with Functions of thCommission
SECTION 203. (a) It shall bunlawful for any person –
(1) To prevent, or attempt to prevent, by force, intimidation, threat, promise, or in any other manner, any member or employee of thCommis­sion from exercising thfunctions imposed upon thCommission;
(2) To induce, or attempt to induce, by likmeans, any sucmember or employee to make any decisions or order, or to takany action with respect to any matter within the authoritof the Commission; or
(3) To induce, or attempt to induceblikmeans, any such member or employeto disclose any information whateveexcept through thchannels provided in this Act.
(b) Whoever violateany provision of this section shall be punished, upon conviction of such violationby finof not more than $1,000 or im­prisonment for not more than one year, or both.
TITLE III – GENERAL PROVISIONS
SECTION 301. Any person who violates any of the provisions of this Act shall, in cases where no other punishment is expressly provided in this Act, be punishedupon conviction thereof, by fine of not more than $1,000 or im­prisonment for onyearor both.
SECTION 302ThSecretary of thTreasuriauthorized to make such rules and regulations as hmay deem necessary to carry out the provisions of this Act.
SECTIO303Therarhereby authorized to be appropriateannually such sums as may bnecessary to carry out thprovisions of this Act.
SECTION 304. All laws and parts of laws inconsistent or in conflict with the provisionof this Act are hereby repealed to the extent of such inconsistency or conflict.
SECTION 305. If any provision of this Act, or thapplication thereof to any person or circumstanceis held invalid, the remainder of the Act, and the
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application of such provision to other persons or circumstances, shall not be affected thereby.
 *     *     *
Let one further word be added on the questioof the automatic cancella­tion of consumer credits. H. L. Northridgea SociaCredit technician, writes:
If the [B] theorem is true aallit itrue continuously. So long as thpresent systeof industriaaccountinis maintained (and Social Creditat least, doenot propose to alteit), slonwill it be impos­sibltrecover in full each cyclof productiocredit. It will thereforenot bsufficient tliquidatindustry’s presendebt ban issue of con­sumer credit; every futurproductiocyclwill requirfresh issueof consumecredit if thproduction credit initiatinit ito brecovered in full. In other words, every futurproductiocycle will producan increment of debt, i.e.cancellation power,” and it is this continuous stream of cancellation power that ithjustification for a continuous stream of consumer crediand the guarantee for itcancellation . . .  Thquestion of special machinery for retiring consumer credits does not arise at all, if their issuis properlrelated to the ascertained defi­ciency of purchasinpower.
As thmatter has sometimes been put, when consumer credits meet pro­ducer debts, it is lika positive chargof electricity meeting a negative charge. Thtwforces neutralizeach other and vanish. 




In this chapter “motivateeconomy” was defined only in termof con­sumer motivation, but it means producer motivation as well. Thfollowinexcerpt from thprospectus of thAmerican Social Credit Movement, 1133 Broadway, New York, 10, N. Y., includes both types of motivation: 
The object of Social Credit is the creation of a new democracy.
Social Credit will bring about economic democracy so that the promise of political democracy which inspired our forefathers can be fulfilled.
What is economic democracy? Many talk about it in a superficial way. Social Credit gives a clear fundamental answer. Economic democracy means that the individuals in society are gaining increased individual control over their material environment. Specifically it means that the individual is (1) able to command by increased purchasing power a greater amount of personal consumption-goods, and (2) able to exer­cise a greater choice in the productive occupations he wishes to enter. The tests of economic democracy are a rising standard of living for all and expanding opportunity for productive activity either in employ­ment or in leisure. The theory of democracy is that society is organized for the welfare of the individual. Social Credit is ultra-democratic and individualistic. Its goal is not the Regimented Work-State (cf. Russia, Germany, Italy) but the Leisured Society.
Douglas’s second principle for financial redesign, “that the credits re­quired to finance production shall be supplied, not from savings, but be new credits relating to new production,” does not say that these new producer­ credits should be created by the State. They could be, but they could just as well be bank credits as now. That would not matter, since the application of Douglas’s first principle of cash credits of the population being collec­tively equal to collective cash prices for consumable goods would neutralize the bad effects of the working of the A B Theorem. His second principle is intended to obviate money shortages arising from savings and investments in fresh production.
CH. Douglas’s most important books are Economic Democracy, pub­lished by Cecil Palmer, London, in 1920, Credit-Power and Democracy, published in 1920 by Cecil Palmer, London, and The Monopoly of Credit, published by Chapman and Hall, London, in 1931. Credit-Power and Democracy includes a Draft Scheme for the British Mining Industry, one of Douglas’s very few blueprints of applied Social Credit. His first book, Eco­nomic Democracy, was published in America, too, hut has long been out of print. Another book of his, Social Creditwas brought out in a revised edi­tion in America (W. W. Norton, 1933) and carries as an appendix the Draft Scheme for Scotland. This last scheme inspired the drafting of a bill by the New Economics Group of New York which came to the attention of Congressman T. Alan Goldsborough, and with some modifications was in­troduced by him into Congress on August 23, 1935the day Aberhart swept the Alberta elections. A two-day hearing of this bill occurred the following spring. In 1937, after making further modifications, Congressman Golds­borough reintroduced his bill, and this timthere were protracted hearings at which testimony was given by Major L. L. B. Angas, James H. R. Crom­well, Professor Walter E. Spahr, and a number of others, the Social Credit point of view being presented by myself. Under the title of Monetary Policy of Plenty Instead of Scarcity: Hearings before the Committee on Banking and Currency, House of Representatives, Seventy-fifth Congress, on H.R. 7188, the testimony running to 611 pages was published by the United States Government Printing Office, Washington, D. C.
From a Social Credit point of view, thGoldsborough bill was loosely drawn in several places; it was revised by thTechnical Studies Depart­ment of the American Social Credit Movement, and the text they circulated
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among their members is reprinted below. This draft does not make provision for a specific issue of National Dividends, but sub-section (d) of Section 4, Title 1, anticipates subsequent Congressional action for National Dividends. A careful study of this bill will supply the answers to many questions relating to details of administration that no doubt sprang to the reader’s mind after his first perusal of the Douglas blueprint for a producer-and-consumer motivated economy….


https://drive.google.com/file/d/0B-p0lmjLtiXzclZ1TUhyWDFTaWQxVXJybThzam1MZWEyMDVB/view

FAIR USE CLAIMED FOR NON-COMMERCIAL AND STUDY PURPOSES ONLY

Excerpts from Gorham Munson, Aladdin’s Lamp:  The Wealth of the American People (New York:  Creative Age Press, 1945) 

THE AUTHOR’S WORKSHOP


This is an impressive document.  It articulates policy without specifying details.  It articulates:
1.       A sound rationale in its preamble for its authority to do so and concise reasons why it is needed – i.e. the precise cause of the gap.
2.       A restatement of Douglas’s principle that the purpose of production is consumption and that the best system is the one that gets goods into the hands of consumers as, when and if needed at the lowest possible cost.
3.       The basic framework for government administration departments is given;  Federal Credit Commission (FCC) and issue of debt-free money under the Treasury.
4.       Defines the just price mechanism by which the compensated price discount shall be calculated.
5.       The mandate to ensure no more credit is issued than can be supported by social credit – i.e. national productivity.
6.       A provision is made for dividends under the guidance of the FCC so that it can be properly factored with the compensated price (CP) in order to meet the policy objective of not causing inflation.
7.       Discount only applicable to consumers.
My only concern is that the CP is mandated to be via vouchers.  With our modern debit and credit card systems, it would be far better to just let retailers set their price and for consumers to have their accounts directly credited with the CP – as long as the issuing financial institution  (FI) is a domestic bank.  This will take businesses out of the equation for all electronic funds transactions. For payments by cash or cheque, the sales receipt can be presented to bank tellers for “deposit” and banks can use them to obtain credits from the FCC or the Treasury.  Upon further consideration, a voucher as envisioned by this act might be the best policy.
In order for FCC to properly compute the just price, it needs to know from each business:
1.       the exact level of retail consumer sales for the fiscal period
2.       the exact amount it spent on wages, earnings and dividends – it’s A costs
3.       the exact amount it spent on all other costs of sale – its B costs.
This must be reported by all businesses.  It is not much different than what is already done today.  All the requisite information is already tabulated for the purpose of computing business profit and subsequent tax liabilities.  It will be a simple matter to deduce these three numbers.  Appropriate punishments for non-compliance are warranted.
One thing I feel strongly against is section 201, Title 2 (b) where commissioners are ex-officio Federal Reserve Board.  Absolutely not!  We want people with demonstrated expertise in Social Credit economics.
I am not at all certain about the merits of section 202 (a).  It seems like flawed reasoning and not is step with the just price mechanism as I understand it – particularly the part about writing off the national credit.  If there is a shortage or surplus, it will not just go away.  It needs to be deliberately dealt with by way of adjusting the dividend and/or CP.  This sounds like a scenario where politicians tried to legislate a solution out of their depth. 
I don’t believe the penalties under section 203 are evenly remotely stiff enough.  These are essentially acts of treason that serve to undermine the very stability of our society.  Ditto for acts of malfeasance by FCC employees and/or third parties.
The R. L. Northridge quote on page 269 is particularly apropos and should be incorporated in the legislature preamble as the concrete justification for all of this in the first place; particularly the notion that it must be continuously be replenished and is not a one-time dispensation.
In general, I like how concise this is but again, I encourage everyone to consider all of the aspects raised in the specific recommendations of Liam Allone’s Economic Cures book.  It incorporates other important aspects not envisioned by this legislation – such as import/export and trade, incorporation of Jury as a fourth pillar of power that will trump the executive, legislative and judicial branches as the final recourse for We the People.  The rogue behavior of the present out-of-control three branches of governments everywhere are more than adequate justification for such a measure that needs to be enshrined in law.  A stable chair stands on four legs – not three.  Here is an excerpt from that book FYI.  Let me preface it with one remark.  It calls for eliminating the banks’ ability to issue money.  I back away from that stand because the simple truth is that interest is just profit.  That is not to say that I think any aspect of this proposal is unworkable.  Rather, I just think such a constraint is unnecessary.  What is necessary is that the gap be filled – period, end of story. 
The hyperlinks in the following web page clearly distinguish the original constitution, the revisions since its inception and the proposed revisions.  The original text that has been modified by proposed revisions are clearly cross-linked with the amendment – as are the actual amendments that have also been modified.
The cornerstones of this are:
1.       The law of love – do unto others…
2.       Jury enshrined as the supreme pillar of government.
Sincerely,
Dean

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