My aim over the next few posts is to introduce concepts proposed by various Social Credit leaders and followers. I guess we should therefore start with the founder, Scottish engineer Clifford Hugh Douglas.
http://en.wikipedia.org/wiki/C._H._Douglas
I quote one follower as saying “Douglas never bore the title of economist; he would have considered this as an insult anyway because of the monument of errors, based on false premises, in economic teaching in universities. Yet, Douglas was actually the greatest economist of all times, with his diagnosis of the major flaw in today’s economics, and with the proposals he formulated to solve it. Throughout his career as an engineer, Douglas had to tackle problems of physical nature and solve them. But he gradually noticed that, if the solving of physical problems was always possible, many entreprises were stopped because of purely financial problems. That led him to study the financial question with the spirit of an engineer.”
Douglas was not a light weight as his theories are mentioned, “together with Karl Marx and Silvio Gesell, by John Maynard Keynes in The General Theory of Employment, Interest, and Money (1936, p. 32)”.
I will say that “interest on debt” is considered pretty evil in social credit theories which probably lines up well with MMT, but who knows if I am looking at this correctly. I guess we will discover it together.
I will also credit the source of this cartoon alittle later.
