Social Credit News

Monday, 15 September 2014 22:58

Global Debt Clock

Written by Oliver Heydorn
Rate this item
(0 votes)

Some readers may already be familiar with the U.S. debt clock: http://www.usdebtclock.org/.

The Economist also publishes a global debt clock which deals exclusively with national public debts: http://www.economist.com/content/global_debt_clock.

One of the things that is interesting about this presentation is that The Economist maintains the delusion that public debts are monies that governments borrowed from the savings of their citizens: "After all, world governments owe the money to their own citizens, not to the Martians." While a certain (usually small) percentage of public borrowings may take this form, much of it involves, directly or indirectly, the creation of new money on the part of private banks which is then effectvely lent to governments via the purchase of government bonds, etc. It might just as well be owed to the Martians. Repaying this kind of debt does take money out of circulation, whereas repaying debts to private citizens does not in and of itself (although the proceeds may be used by the recipients to pay down bank debts).

Another interesting matter is that the figures for the U.S. federal debt are 3.7 trillion dollars lower (or thereabouts) in comparison with the figures reported in the U.S. debt clock.

Of course, in a Social Credit society, all chronic public debts (together with the interest charges that are levied on them) would be eliminated. A financial system that was in balance and that accurately reflected physical economic facts could not suffer from a continual build-up of public indebtedness at all levels of government.

 

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

2 comments

  • Comment Link Arleen Friday, 14 December 2018 19:30 posted by Arleen

    Thanks for sharing your info. I really appreciate your efforts and
    I will be waiting for your further write ups thank you once
    again.

  • Comment Link Vidal Friday, 09 February 2018 23:02 posted by Vidal

    For more world debt numbers you might want to check the Real-time World Debt Clock/BillBoard. It shows the national debt and population of your country. http://www.World-Debt-Clock.com

Latest Articles

  • Et in Arcadia Ego – Douglas Social Credit and the Aristocratic Way of Life
    The notion and institution of the aristocracy is often portrayed today as a class of ostentatious, exploitative, and oppressive overlords. This is the modern sung narrative spun by the established media and socio-political order. While it may correspond as a description to some individual aristocrats and monarchs throughout history, it also applies to most modern elected politicians, businessmen, bankers and other financial heavy weights of the bourgeois class that govern the world today and keep the population truly in chains with a monopoly over the creation and control of credit or money and enforce upon them a state of servility and artificial scarcity. Major Clifford Hugh Douglas made this exact point in his publication The Big Idea: “I can imagine many readers, at this point, feeling the inclination to comment in accordance with the orthodox conception of a downtrodden peasantry rising spontaneously to rid themselves of a vicious tyranny. Like…
    Written on Saturday, 13 April 2019 22:36 Read more...
  • Free Market Follies
    Lately I have been reflecting on the views of the conventional economic ‘right-wing’, as represented by ‘neo-liberals’, adherents of the Austrian school of economics, ‘capitalists’, economic libertarians, and so forth. It seems that whenever someone suggests that radical changes need to be made to the reigning financial or economic model – a suggestion which, in essence, must be a plea for some kind of intervention on the part of the public authority – those who are more or less satisfied with the existing system and find themselves on the ‘right’ of the economic spectrum regard the suggestion quite reflexively as an intolerable attack on the free market and an affirmation of ‘socialism.’ I have found this attitude, and the rhetoric which often accompanies it, curious for four major reasons, reasons which I will want to outline in this article. The fourth critique that I will present is the most significant…
    Written on Thursday, 11 April 2019 20:34 Read more...
  • The Hydroelectric Dam and The Bottling Plant as Metaphors for Social Credit
    In this paper, two metaphors, that of a hydroelectric dam and of a water bottling plant, will be used to illustrate the Social Credit diagnosis of the ills that afflict the existing financial/economic order, the conventional methods that are employed to palliate its various symptoms, and, finally, Social Credit’s remedial proposals.
    Written on Saturday, 30 March 2019 12:27 Read more...