Virtue by degrees

Critical Thinking's analysis cites usury as one of the three fundamental flaws in today's political economy (theft of the commons and institutional hierarchy being the other two). The Positive Money campaign highlights that 97% of UK money supply is debt money created from nothing and Richard Werner's paper confirms banks don't lend money but create it.

The following shows how, in 1937, an investigation was established in Australia by the Commonwealth government to examine what went wrong after the Great Depression. Such commissions, like parliamentary inquiries, aren't intended to reveal the truth of issues but to protect the established order, the status quo.

However, one dissenting voice, Commissioner Mr Ben Chifley, did not agree with the conclusions of the other Commissioners in 1937.

Bank Royal Commission: The wisdom of Ben Chifley in 1937 by The Glass Pyramid
For those that lack the reading time, it is more than enough to read the 7 page dissenting opinion of Commissioner Mr Ben Chifley who did not agree with the conclusions of the other Commissioners in 1937.
In essence Mr Chifley was of the view that evidence received by the Royal Commission was clear – private trading banks did not act in the general public interest because of their desire to earn profits for their shareholders.  He recommended that if a role for private trading banks was to be tolerated they would need to be carefully and closely regulated.

Removing banks' power to create money from nothing would be a great step forward but it wouldn't address the fundamental problem of usury: interest on money is a wealth transfer mechanism and the engine of environmental destruction. We must also be alert to how theoretically sound policies are co-opted, subverted and undermined to protect and grow the wealth and power of the Structural Elite.

There can be no half-measures in dealing with usury (and the other fundamental flaws) and they have to be removed, rather than "contained" by regulation, taxation or other means. We also need to recognise that "private" or "public" creation of money centralises power. It is centralised power which corrupts us all.

When talking of the fundamental flaws, we can deal in absolutes - usury, theft of the commons and institutional hierarchy have no place in a thriving human society.

However, when thinking of how we resolve our differences to co-create a shared understanding of reality, it is essential to eliminate from our minds concepts of absolute right and wrong, good versus evil etc. We need to recognise that there is a duality or balance to life. As Alan Watts describes it, we need "salt" in our "stew" or it will be bland and unappetising.

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