The Banking Swindle by Kerry Bolton

Author:Kerry Bolton [Bolton, Kerry]
Language: eng
Format: mobi
Published: 0101-01-01T00:00:00+00:00

In 1935 the Social Credit Party

took Office in Alberta, Canada,

under the Premiership of William

Aberhart. Both C H Douglas and

John

Hargrave

advised

the

Government.

Despite

the

overwhelming

demand

of

Albertans,

Canada’s

central

Government stymied the Social

Credit legislation that had been

passed

by

the

Provincial

Parliament, at every occasion. [185] In 1937 the Social Credit Government

passed ‘An Act to Provide the

Realization of Social Credit in

Alberta’, which received assent in

1938. Under the Act a Social Credit

Board

was

established. [186]

However, in March of that year the

Supreme

Court

of

Canada

determined that it was not within the

jurisdiction of a Province to

legislate on currency. [187] What the Alberta Government could do was

issue

‘Prosperity

Certificate’s

circumventing

the

Central

Government’s obstructionism and

allowing for the increased flow of

credit among the people. Such

‘Scrip’ bills had been and were

being similarly issued by local

authorities in Canadian and in US

townships, with examples going

back to the era of the American

Colonies. [188]

However, from 1935 Canada

did maintain a state credit system

lasting into the 1970s. The state-

owned Bank of Canada issued up to

half of all new money at low

interest, which in turn forced the

commercial banks to keep interest

rates low. This resulted in decades

of prosperity. From 1935-1939 the

Bank of Canada was issuing most

of the nation’s credit, and 62% of

the credit during the last years of the

War. Until the mid 1970s the

Canadian Government continued to

create enough new state money to

monetarize 20% to 30% of the state

deficit.

That ratio is now only 7.5%.

While the money supply increases

by $22 billion annually, the Bank of

Canada now issues less than 2% of

that money. It has been estimated

that if the Canadian Government had

continued to operate such a

financial system as she had for

around three decades, that nation

would today be operating with a

surplus of $13 billion. [189]

Germany

Propaganda

rather

than

scholarship has dominated studies

on National Socialist Germany.

Hence, the manner by which certain

socio-economic achievements were

attained is buried amidst histories

that focus on war, the Holocaust,

and racial theories. Where the

economic recovery of Germany

during the Depression era is noted

at all it is simplistically accounted

for by spending on rearmament,

which by itself explains nothing.

If the British Commonwealth

states had their C H Douglas, the

pre-eminent advocate of Germany’s

liberation from usury was Gottfried

Feder. The National Socialist party

just happened to be the movement

that was the vehicle for advocating

Feder’s views. Although Feder had

taken his state credit scheme to the

extreme Left, it was of no interest to

the Marxist ‘revolutionaries’. His

theories might have been enacted by

the Weimer regime, which showed

interest, but the Republic did not

have the determination. Feder was a

lecturer for the army, and it is in

that capacity that he was heard by

Adolf Hitler. [190]

Gottfried Feder

As early as 1917 – that is, the same

year

that

Douglas

had

first

formulated Social Credit – Feder

started

advocating

banking

reform, [191] and formed the Fighting League Against Interest Slavery.

Feder’s Manifesto for the Breaking

of the Bondage of Interest was

published the following year. In this

he stated that the source of the

power of the international banking

system ‘is the effortless and infinite

multiplication of wealth which is

created

by

interest’.

He

recommended that the ‘drones’

‘living off productive people’s and

their labour’ be eliminated by

‘breaking the bondage of interest’:

Money is not and must not be

anything but an exchange for

labour; that to be sure any highly

developed country does need

money as a medium of exchange,

but that this exhausts the function

of money, and can in no case

give to money, through interest, a

supernatural power to reproduce

itself at the costs of productive

labour. [192]

Feder had been a founder-

member of the German Workers’

Party prior to Hitler’s recruitment.

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