You should probably know that the literal meaning of mortgage is ‘death pledge’. According to the Australian debt clock we owe 1,647,386,800,000 dollars to banks as housing debt. It's about 90% of all household debt in this country and it is accumulating faster than GDP. In its March 2017 Monetary Policy Meeting the Reserve Bank noted that household debt was rising faster than household income.
This week Scott Morrison warned that unless the federal government can find 13.2 billion dollars in savings by the release of the May budget then Australia risks losing its AAA credit rating.
The world in which we live can be a strange and incoherent puzzle.
The issue of work is always a sticking point with people trying to comprehend the Social Credit position. When it’s all boiled down all we are saying is that when it comes to work people should be allowed to exercise the choice that progress would undoubtedly make possible if it weren’t for a financial setup that prohibits it.
There is a debate going on beneath the nonsense of mainstream economic discussion. The contenders are agreed on one important point; that a better distribution of wealth is the solution to our economic woes and the road to a more functional society. As Martin Luther King said ‘it is now incontestable that the wealth and resources of the United States make the elimination of poverty absolutely practical.’ This is true throughout the industrial world and could be true everywhere.
Any Social Crediter who knows his stuff will be able to tell you that while the plan for Social Credit is difficult to get across this is not the real problem. We can describe how the thing would come together to anyone with an attention span more than 15 minutes and a will to know. It seems that the real problem lies in convincing people that human nature could handle it without rending society limb from limb.
It would be remiss of me to let the vote of the British people to leave the EU go without mention.
Clearly the satisfaction of citizens’ material needs is not the objective of the present economic order. Australians will be painfully aware that the purpose of economics is ‘jobs and growth’ or, in other words, compounding economic activity.
With the closure of the Electrolux factory in Orange this country has surrendered for the time being her will to make fridges. The usual lament is heard; unemployment, the end of an era, and the standard reason trotted out about which nothing can be done; Australia cannot be competitive when it comes to manufacturing.
By Edward Minton
Exectrucity doesn’t exist. There is no such thing, and nobody of earth can ascribe any meaning to the word itself, either. So this at least is answered, and we can go to the next question.