WHAT'S WRONG WITH MONEY BASED ON SOCIAL CREDIT?
Analysis © 2009 by G. Edward Griffin
Published 2009 December 25
On Christmas Day, 2009, I received the following email from Donald Engel, from Iowa.
In one of your recent replies to a reader's comment [in Unfiltered News], you mentioned ever so briefly that a social credit system in the Western World is unworkable and has some fundamental flaws. It would seem to me that this system would be a great improvement over our present debt based monetary system. What do you see as the principal drawback to this system? Wouldn't a social dividend based on increased productivity be better placed in the hands of the people as opposed to the pockets of the greedy bankers? I am all for an incentive-based economy, so don't you think that our society as a whole would respond with far greater productivity if they knew their efforts would return in the form of a stronger economic future and more leisure time?
|
THIS WAS MY REPLY:
Fiat money remains fiat money regardless of the formulas used to determine its quantity and distribution. Social credit systems are designed by men according to formulas drafted by men and enforced by men – all of which means the system is not fixed by supply and demand but by edict – and that is not fundamentally different from the present system. Eventually, if the rules for money creation CAN be changed, they WILL be changed to the advantage of those with the power to change them and to the disadvantage of everyone else.
Back
