By: Wallace Klinck

Wallace Klinck — Sun, 23 Aug 2020 20:48:10 +0000

All systems endowed with “tools” are capitalist. The crucial issue is whether or not creative initiative is controlled or given free reign and whether the consuming public is enabled financially to claim the products of industry. The existing Monopoly of Credit (Banking) and flawed industrial conventions of financial costing ensure that the consuming public is increasingly short of effective purchasing whereby to access the products of industry. We are compelled to contract perpetual and expanding issues of credit (loans) from the banks, not only to activate the forces of production but also to purchase the products of industry. The true cost of production is consumption and is continually falling consequent to growing efficiency, i.e., replacement of labour as a factor of production by advancing technology. Industry must add overhead costs to prices but does not distribute consumer incomes to equate with these added costs. The resulting chasm between final prices and incomes must be filled by new consumer credits enabling industry fully to recover its costs and repay the bank for its production loan. These new consumption credits must cancel outstanding unliquidated cost without creating new costs. They must be issued without being accounted as debt –equally to all citizens in the form of Consumer Dividends by right of inalienable Inheritance–and to all Retailers, enabling them to reduce their prices at point of sale. All physical costs of production are met as production takes place and there should be no residuum of financial debt with regard to completed product.
http://www.socred.org
Wikipedia: Social Credit (NOT the faux Chinese “Social Credit System” of Universal Surveillance, Rewards and Punishments)

Comments on: AxisOfEasy Salon #18: The Endgame of Financialization Resembles a Philip K. Dick Novel

By: Wallace Klinck