The Social Credit movement – a brief history
The Social Credit movement gained worldwide attention during the 1930’s Great Depression. It was primarily concerned with the fact that worker’s wages did not provide enough money for the all the products in the economy to be purchased. The shortfall in sufficient funds to keep the economy running smoothly was discovered to be due to banks’ wealth extraction though loan interest. To compensate, a Citizen’s Dividend was proposed order to balance the economy and provide relief to the working poor.
The rise of fascism and war in Europe overshadowed the Social Credit movement. The Bretton Woods Agreement of 1944 established a new global monetary system based on the US dollar. The problem of insufficient spending power among the working class was bridged by extension of bank created credit. In order to keep afloat people throughout the Western world found themselves getting deeper and deeper into debt.
In other words, the problem of insufficient money because of debt was temporarily fixed by creating even more debt.
Social Credit from a Welsh perspective
Whereas the Social Credit movement of the 1930’s was solely concerned with economic problems and solutions, Welsh sensibilities demand we extend the definition of Social Credit to the social sphere, not just the economic sphere.
Unlike many other parts of the British Isles, the Welsh, particularly in the south Wales valleys, think of themselves less as individuals competing with everyone else, but more as a part of a family, interrelated with other families that forms a community. Hence when meeting someone we don’t know, the question is often – ‘who do you belong to?’ (i.e. who are you related to?) rather than – ‘where are you from?’
From this perspective comes a sense of Chwarae Teg, fair play. We rise together, or we fall together. We are suspicious of ‘experts’ and those who want to direct our lives from above. And rightly so. The sad state the Welsh nation finds herself in today is a direct consequence of allowing others to determine our future.
The Principles of Genuine Democracy and Free Speech speak directly to Welsh sensibilities. The freedom to say what is on one’s mind should be taken from no one, no matter how bad their ideas!
The increasingly censorious and mass-surveillance nature of the UK
These Principles extend credit not just to the economy, but to our society and how we organise ourselves.
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