Saturday, 24 January 2015 14:54

Usury, Social Credit, and Catholicism

Usury, Social Credit, and Catholicism

As I tried to show in my recent blog entry on “Social Credit and Usury”, the claim that usury, defined as the charging of interest on loans, is THE problem and that Social Credit means nothing more than “usury-free money” is a serious but all too common misrepresentation of the Social Credit diagnosis and remedial proposals.

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Friday, 07 November 2014 14:44

Social Credit and Usury

Social Credit and Usury

One of the most common misunderstandings where Social Credit is concerned is the notion that the Social Credit diagnosis can be adequately summarized along the following lines: "The problem with the existing financial system is that the banks create money out of nothing in the form of bank credit and then proceed to charge interest on the money that they loan out. Unfortunately, they do not create the money to pay the interest and this leads to a continual build-up of unrepayable debts, etc., etc." This popularized interpretation of Social Credit is erroneous.

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