[Joe] We need to be very certain when we deal with
this issue that we do not inadvertently introduce
something into Social Credit that leads back to the
'centralisation' we are trying to get away from.
----------
[Bill] What would that be?
[Joe} Sketch for me, please, how you believe the 'new
credits' will be administered in relation to your
understanding of Douglas.
[Bill] [06-23] The question was to you, Joe. What is it
that could be "inadvertently" introduced?
--
Leaving aside the question of interest, let me ask first if you agree that the 'new credits' for 'new production' are the property of the community. That they will be issued by the National Credit Authority, though they may be administered by the existing banks. This is my understanding, am I correct?
[Bill] And Douglas listed several corrective
measures in his Interim Report. Not one of them was
the abolishment of interest.
The Depression was the direct result of credit
contraction making it impossible for business to
continue. It became impossible to fulfill previous
commitments of all types. It became impossible to
continue.
--
[Joe] Yes, I'm aware of that. The "Interim Report" was
likely a clever piece of political manipulating by the
UFA government to deflate the rise of 'social credit'
--------------------
[06-23] It was written by Douglas and reprinted in his
book *The Alberta Experiment*. So what are you
saying, Douglas was part of the conspiracy?
Perhaps unwittingly. The powers behind the UFA government had no intentions of ever attempting Social Credit. Any more than the New Zealand government did. There was no doubt a considerable interest in it, but their pretense of studying it seriously, or creating the impression they might actually follow Douglas's proposals, was most likely to defuse any organized Social Credit movement before it could become a political threat. That didn't work in Alberta. Even though there was quite an effort made to accentuate the differences between the Douglas version of social credit and Aberhart's interpretation of it by the opponents of both.
[Bill] Interest was not the cause of the Great
Depression.
--
[Joe] It is interesting to note, from "The Big Idea",
page 33, the description of the ''Reduction and
Settlement of Debt Act" passed by the Alberta
Legislature,
--------------------
[06-23] Which says nothing about the abolishment of
interest.
No, not in so many words. But then the quote about 'loan credit' being the most suitable means for new production doesn't mention 'interest' either. It's assumed, if he's talking about the current system, interest would be charged. And as you said, when I first asked if there would be interest on the new credits under a social credit system, "If that was the arrangement."
Joe
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