Abbot's Journal Vol 63, April 8, 2008
by Norman Fischer | April 08, 2008 at 3:06 PM
Abbot’s Journal Vol 63
April 8, 2008
Major Douglas on “social credit” and why Pound was so interested in it, and was therefore a confirmed anti-Semite:
International bankers (ie. Jews) were the ruination of the world, of all culture. Douglas’ radical system was right up Pound’s alley: why should these bankers decide who gets money and therefore who does what in society – that people must do only what the bankers will profit from, not quirky, daring, culturally valuable things, but things that are safe, and have maximum resale value. Instead of this, governments should be the bankers, loaning money on the basis of and for the furtherance of “social credit,” which is the natural wealth all members of a society (not just the bankers, who happen to have amassed “capital”) automatically possess by virtue of their association, the abundance of the earth they inhabit, and the cultural heritage they nourish. This and only this is the true source of wealth, and money ought to be regulated on this basis, controlled by societies themselves for the general welfare, not by bankers for their own. The U.S. constitution originally called for the government to create and control money, but soon banks interposed themselves and the intended financial system (that was, in fact, Douglas-like) was subverted. This is why Pound goes on at such length about Adams, Benton, Jackson, etc who were involved in that early struggle.
This all sounds good on paper; it became Pound’s life long obsession, the source of his lunacy...