Where are you going to get the money from?

 

From the same process as today, creation by the banking system. But it will first be issued by the Reserve Bank for the benefit of the community, not by private institutions claiming it as their own.

 

Money for essential non profit, national and community projects, such as roads, hospitals, schools, power saving, water and sewage systems, will  be funded in the first place with an interest free overdraft from our Reserve Bank. This is the basis of our Community Credit Program.

  

Practically all money is now created by the banking system. Notes and coins represent only about 1.67 percent of the total. Under Social Credit, new money would be issued by the Reserve Bank debt free instead  of by the commercial banks as a debt. The amount in circulation will be  monitored to ensure the industrial capacity and the ingenuity of the workforce is fully utilized for the benefit of the community as a whole.  

  

Comments:

The  overdraft to be repaid over the expected lifetime of the asset by way  of rates or taxes. If one million dollars is borrowed then one million  dollars is repaid without the burden of paying for the compounding  effects of interest.
A small service charge will apply to cover the cost of the overdraft facility.
Projects would need to meet environmental conditions and be subject to the availability to resources and manpower.

Authorised by Anne Leitch, Secretary, 42 Reyburn House Lane, Whangarei

secretary@socialcredit.nz

Copyright Social Credit Party 2019