Daily Archives: January 27, 2011

Social Credit Monetary-Economic Theories

At the urging of a number of readers and commenters, I am in the process of reviewing some literature – whatever I can find online – pertaining to a rather obscure but fairly interesting early 20th century economics phenomenon known as “Social Credit“.  I confess to never having heard of this stuff before, although I have seen similar ideas expressed, primarily over on Ellen Brown’s blog.

It would not be accurate to say that this is a “school of thought”; social credit  is more like a populist political movement centered around a Scottish engineer named C.H. Douglas.  There is a manifesto of sorts, authored by Mr. Douglas, here.  Some of the ideas of the movement were legislatively implemented, but apparently strangled in their crib, in the Canadian province of Alberta in the 1930’s, a time when governments may have been more amenable to experimentation on matters economic.

There were some prominent literary intellectuals associated with this movement:  Ezra Pound, T.S. Elliot, Aldous Huxley. If it interested them I can at least explore it.

My initial impression of Douglas’ writings are, however, not favorable.  He was no doubt a highly intelligent man.  His writing proves that much.

But those writings are also more than a little tinged with some of the worst anti-Semitism of the era:  the whole “Protocols of the Elders of Zion” and “international bankers” bugaboos.  These are not only objectionable to me on moral grounds; they are also a major distraction from the more important and practical concerns that are, shall we say, sufficient unto the day.  To say the very least.

In any case, more on this later.  It will take some more reading and thought on my part.



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