If bank XYZ with owners in Paris, London and New York City open a branch in Eyebrow, Saskatchewan and the bank lends money and makes a profit but those profits have been transferred to owners in Paris, London and New York, the only thing the bank has made possible is that community members may have been able to share ownership of something with the bank and the cash from the community has been removed to parts unknown.
If Credit Union is open in Eyebrow, Saskatchewan, or better yet Co-operative Bank, the community members have been able to take possession of the something and not only do the profits stay in the community so does the cash circulation which helps to help in the overall development and prosperity of the community. If XYZ Lumber and Hardware open a store in Eyebrow, Saskatchewan, the cash circulation and the profits are sent out of the community to wherever the owners happen to be. If the people of Eyebrow, Saskatchewan, open a Co-op Lumber and Hardware, except for the products that were purchased wholesale from wherever, the profits and cash circulation stay in the community. What is even better is that, when decisions are made and policy is set by XYZ Bank in London, or wherever or by XYZ Lumber and Hardware in Vancouver, Houston or wherever they have absolutely no idea what they are doing to the people of Eyebrow, Saskatchewan. However, when the Credit Union, Co-operative Bank or Co-op Lumber and Hardware, which are of course owned and democratically controlled by the people of Eyebrow, Saskatchewan, all policy is set and decisions are made with the people of Eyebrow specifically in mind but retaining all benefits and responsibilities as well as the local circulation of cash and retained profits. Now, I know from many years of involvement that a co-op is trickier to manage but it is possible and there is plenty of evidence around the world to prove it. Here in Calgary we have the largest Co-operative retail grocery retail enterprise in North America with sales that are almost a billion dollars per year and it not only enhances the cash circulation but the results of fiscal year 2002 was a return of $25 Million in dividends of which roughly $16 Million was returned in cash directly back to the member/owners, the shoppers and the balance goes to shares. My personal cheque will be roughly $450 and that is with an initial share purchase of $1 in 1970. So when cash comes into my pocket it gets spent in the community. An individual bank, I don't think, has the power to create the cash for dividends in the manner that Social Credit suggests, only a Central Bank but I could be wrong about that. I would want to do more research before I was to stick my neck out on that one. Chick ----- Original Message ----- From: <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Saturday, February 22, 2003 9:35 AM Subject: Re: [SOCIAL CREDIT] Own the Bank > Try to project forward into the future what would > happen if the number one goal would be to return the > profits from banking into the local community. > ------------------------------------------- > > If that is the goal then nothing will be > accomplished, because accounting profit is minimal or > non-existent for ordinary corporations or banks. > That will especially be the case if some authority > wants to "redistribute" or "redirect" profits. It > will also be the case if that authority is a > committee of "owners" if they are acting against the > perceived interests of management, which is generally > to control as many assets as possible. So the > numbers are invariably adjusted to advance the > interests of management. > > Profit in accounting is operational accretion to net > worth: assets - liabilities. In accounting, assets > are merely arbitrarily assigned numbers in account > books to things defined as "assets". > > At Swanwick in 1924 Douglas put it this way: > > "...But the essential point in the position of banks, > which is so hard to explain, and which is grasped by > so very few people, is that their true assets are not > represented by anything actual at all, but are > represented by the difference between a society > functioning under centralised and restricted credit > and a free society unfettered by financial > restrictions. > > "To bring that perhaps somewhat vague generalisation > into a more concrete form, the true assets of banks > collectively consist of the difference between the > total amount of legal tender, or Government money, > which exists, and the total amount of bank credit > money, not only which does exist, but which might > exist, and which is kept out of existence by the fiat > of the banking executive." > > > -- > > On Fri, 21 Feb 2003 11:57:31 > maniac wrote: > >The Phelps County bank of Rollo Missouri is an ESOP owned bank. > ><http://www.phelpscountybank.com/employee_owned_history.htm> > > > >Suppose now, that a consortium of local businesses formed up a > >community trust and funded the trust with grants or loans and then > >approached the employee owners of this bank with an offer to buy out > >their ownership position in this bank. > > > >Try to project forward into the future what would happen if the number > >one goal would be to return the profits from banking into the local > >community. > > > >Would this accomplish some of the avowed goals of the social credit > >movement? > > > >Is this anything like Mondragon, where a bank charter was subordinated > >within ownership of the cooperative? Meaning the largest customer of > >the bank owned the bank? > > > >M. - Crazy like a Fox. > > > > _____________________________________________________________ > Get 25MB, POP3, Spam Filtering with LYCOS MAIL PLUS for $19.95/year. > http://login.mail.lycos.com/brandPage.shtml?pageId=plus&ref=lmtplus > > ==^================================================================ This email was sent to: [EMAIL PROTECTED] EASY UNSUBSCRIBE click here: http://topica.com/u/?a84IaC.bcVIgP.YXJjaGl2 Or send an email to: [EMAIL PROTECTED] TOPICA - Start your own email discussion group. FREE! http://www.topica.com/partner/tag02/create/index2.html ==^================================================================
