JCT: Tom Kennedy sent me news of another Socred engineering
local currencies around the world:

>How to apply Social Credit locally
A simple system to exchange goods and services
How you can open a local debt-free bank with the use of
simple cards
by Francois de Siebenthal

TK: Editor's Note: "It is really an usuryfree bank.

JCT: When they confuse the design flaw in money with it
being based on debt rather than asset, I usually quit
reading. If Tom has to correct him in the first paragraph,
how much good can there be?

TK: Understand that there is nothing wrong with debt. We are
always indebted to each other. It is the growth of any debt
- caused by the design flaw of usury that is the killer
machine that enslaves us financially, generation after
generation."

JCT: But as long as they are identifying the problem as
"debt-based" money, rather than interest on "anything-based"
money, they can be defeated by the Economists as most
Socreds have usually been until the Social Credit Engineer
in 1981.

TK: The following is a lecture given by Mr. Francois de
Siebenthal - an economist and Filipino Consul in Switzerland
- at our headquarters in Rougemont, Quebec, Canada, in
March, 2005.

JCT: Rougement are the White Berets who have always thrown
me out for trying to get them to endorse local currencies,
as recently as a few years ago when I tried to get them to
visit the Quebec City SEL. (French LETS).

Now that it's presented to them by a newbie who isn't a
politician, nor gambler, (they're a strict Catholic sect who
shoot their TVs because they don't like what comes out of
them), they bite. 20 years worth of suffering later.

TK: Mr. de Siebenthal demonstrated to those present on how
easy it is to open a local bank with just the use of simple
cards.

Mr. de Siebenthal had gone to Madagascar with Mr. Marcel
Lefebvre, to the Philippines with Mr. Melvin Sickler, and to
Poland with Mr. Janusz Lewicki to explain this system to
various interested audiences. In fact, Social Credit is no
longer only a theory, but is put into practice in these
countries, with local debt-free banks multiplying.

In an age where the use of the microchip is becoming a real
threat, this is certainly one way one could exchange one's
goods and services without having to bow down to the use of
this microchip. Why not read and study what knowledge Mr. de
Siebenthal has on this subject. It could prove to be very
useful in the future!

S: A simple bank

I will speak to you now just to teach you how to open a
local bank with the Social Credit principles. It is very
easy to do and everyone can do it.

It was already done in past history, especially small banks
in Switzerland. And those small banks, local banks, were
done by farmers. The banker is a farmer, the bank is in a
farm house, the customers are farmers, and the owners of the
bank were and are farmers. These little banks, put
altogether in Switzerland, make the third largest Swiss bank
actually in operation with the best ratio and the best
management because the costs are very low. Being the banks
are very small and in small houses, and because you do not
need big armour cars and security personal, these banks are
very efficient. These little banks can also be found in
Austria and some other countries.

The tragedy of debt money

JCT: Error. LETS uses debt money with no tragedy.

S: You know that money comes from debts with interest rates,

JCT: Not in interest-free time-based LETS currencies. First,
understand that credit is debt, debit is pay-off. Interest-
free debt is social credit. Interest-bearing debt is anti-
social credit. Does Mr. Seibenthal have any problem with
money that comes from debts without interest rates?

S: and you know that all the theory of Social Credit is
true, and that interest kills.

JCT: So, not having identified interest on bank balance as
the instability in the system's Laplace Transform, he now
properly identifies interest as the root of the death of
labor.

S: The statistics of the International Labor Organization in
Geneva state that every day you have 5,000 people dying on
work places. That makes more every day than the people who
died in the Twin Towers. Every day! That means that because
of capitalism and because of exaggeration in productivity,
you have every day 5,000 people dying on the work place. And
I do not count all the stress, all the psychological
problems, the suicides, alcoholism, the drugs, the children
at home without the parents because the father and the
mother are both working.

JCT: How about people who could be productive idling
themselves to death in Third World countries. I've always
been talking about 100,000 a day dying of poverty of tokens
who needn't have died?

S: Now, with our system, you can imagine that a system
without interest rates will save a lot of money.

JCT: But it still has debts. And he's decried "debt-based"
money, not interest on money.

S: It will save at least three hours every day for each one
of you, it will cut the prices by half, and it will give the
houses 77% more space because the interest rates are taking
a lot of productivity in the whole world.

JCT: Yes, yes, yes. Getting rid of interest does all that
and yet, without having gotten rid of the debt-basis for
money.

S: So now I am teaching you how to found a bank. These banks
were already founded in Switzerland, in Madagascar, Africa,
in the Philippines, in Poland, and in Canada. These banks
have had such a success that now the World Bank and the
International Monetary Fund are already attacking these
banks. In the Philippines there are already attacks in the
government and in the newspapers. That means this system is
interesting and the forces in front of us are already
attacking this kind of banking system.

JCT: The forces of debt ownership have also infiltrated the
local currency movements with bankster agents to make sure
most systems are run wrong right into the ground. How else
to explain all the weaknesses built-in despite all the
engineering advise explaining them. Accidental?

S: Where to start

How do we make such a bank in a country? What we did first
was to listen to the people. What are their real needs? What
are the real needs in Madagascar? What needs, the real
needs, the basic needs just to survive, because in most of
those countries the people do not have enough to live. Then
listening to them, we learn too the mentality of those
people. We have to adapt to the culture and the local
mentality.

Social Credit is really the answer to the real needs, the
basic needs of those poor countries. After having listened
to the people, we tell them that we have something that can
help them; it is not a magic wand that will give them
paradise on earth, but it is a system that will guarantee
each individual access to the basic necessities of life and
allow the poorest countries to make use of their resources
to help their own population.

The main thing is to look for the Kingdom of Christ and His
justice: "But seek first the Kingdom of God and His
righteousness, and all these things will be given you
besides." (Matthew 6:33.) This is really what we are doing
here with this local exchange system;

JCT: Local Exchange System LES or SEL Systeme d'Echange
Local in France.

S: we are dealing with justice, the justice of God. Work for
justice, and everything else will follow!

JCT: Sure, if interest steals from the starving to give to
those with too much, stopping such theft contributes to
justice.

S: A Christian coin

At this point of my talk, I would like to show the 5-franc
coin that is currently in circulation in Switzerland. (See
picture above.) On one side, one can see the Swiss cross,
which represents the Kingdom of Christ, and on the other
side, social justice is represented by William Tell, the
Swiss national hero and liberator of the poor and of the
oppressed. On the edge, one can read these Latin words:
"Dominus providebit - God will provide", which specifically
refers to the line of the Gospel of Matthew mentioned above.

In all our meetings to organize local debt-free banks,

JCT: I wish he'd stop mis-naming them problem of the banks.
It's not that they're organizing "debt-free" systems, it's
that they're organizing "interest-free" systems. The
confusion is not elementary.

S: we need to remind people that God does provide, that He
is indeed very generous. In the Philippines, for example,
they can raise three crops of corn. If you take one seed of
corn, this seed will give you three stalks which will give
you around 200 seeds. So if one gives you 200, then ten
gives you 2,000; one-hundred then gives you 20,000. Three
crops per year (20,000 X 3) yields 60,000%. And the banker
will probably give you 6%. This means that God is very
generous.

There are fish in the sea you can fish. With the earth, you
can till, and the earth is very generous. You know that the
earth could feed many times the world's population. It is
not a problem of food but a problem of distribution. Then it
is important to remember how the earth is generous and that
there is enough room for everybody on this earth.

In Switzerland, as I told you, this system of small banks is
working.

JCT: What's it called? Tauschrings? German LETS?

S: And there is another system working too which is a
parallel money called "wir", a German name which means "we"
in English. That involves a notion of community. This money
is existing since the year 1933 during the crises, and it is
working very well. It is parallel money. Nobody knows about
this money but, because of this money, Switzerland, the
poorest country in the world as far as natural resources are
concerned, is one of the richest countries in the world
because of its organization of small banks and this kind of
parallel money.

Usury is condemned by the Church

You know too that the Church, the Catholic Church, has
always condemned the charging of interest on the loan of
money, calling it usury.

JCT: So far, he hasn't confused interest on money with
interest on cattle.

S: As a matter of fact, the social doctrine of the Church,
which supplies principles of justice to be applied in human
activities, is probably, among all the teachings of the
Church, the part that is the least known. And the least
known part of this social doctrine, the best kept secret, is
certainly the encyclical letter Vix Pervenit, issued in 1745
by Pope Benedict XIV, and addressed to the Bishops of Italy,
about contracts, and in which usury, or money-lending at
interest, is clearly condemned. In 1836, Pope Gregory XVI
extended this encyclical to the whole Church. The text of
this encyclical was destroyed in many countries of the world
just to hide this most-kept secret of the social doctrine of
the Church.

JCT: And if you don't think that our Bibles are being
censored, there's a picture of me picketing the Ontario
Legislature Opening in Toronto in the early 1980s with a
sign saying: The Bible says: LET THE EXACTING OF
INTEREST STOP" NEHEMIAH 5:10." King James version that is.
If you look at a more recent "Good News" Bible, that line
has been deleted! The Good News Bible is Bad news. Bibles
are still being censored.

S: It says: "The kind of sin called usury, which lies in the
loan, consists in the fact that someone, using as an excuse
the loan itself - which by nature requires one to give back
only as much as one has received - demands to receive more
than is due to him, and consequently maintains that, besides
the capital, a profit is due to him, because of the loan
itself. It is for this reason that any profit of this kind
that exceeds the capital is illicit and usurious.

"And in order not to bring upon oneself this infamous note,
it would be useless to say that this profit is not excessive
but moderate; that it is not large, but small... For the
object of the law of lending is necessarily the equality
between what is lent and what is given back... Consequently,
if someone receives more than he lent, he is bound in
commutative justice to restitution..."

JCT: Adelard Turmel's Axiom #2: "Interest is theft." #1 is
"Money has no babies."

S: What you need to start a bank

To found a local debt-free bank is very easy. You just need
small sheets of paper, which we will call the accounts, and
a general ledger. In fact, we will do exactly like the five
people in the tale of Salvation Island, who realized they
can create their own money. (See n. 17.)

JCT: Aha. I financed the LETS software because it worked
like the Salvation Island Accounting explained by Louis
Even. English Social Crediters keep saying that LETS credits
aren't Social Credits and we keep getting people who finally
use units called social credits who don't know LETS is based
on the same Social Credit story. Har har har har. I should
know. I'm Quebec Social Credit roots. My first barter system
was called "Turmel's Social Credit Computer." The first
barter software I financed was LETS. Not because Louis
Even's Social Credits accounting and LETS credits accounting
were different but because they were the same.

If he's going to tell the Rougement gang to start
practicing what they preach in the Salvation Island story,
he's a little late. I've been trying to get them to do like
the story for almost a quarter century.

S: The principle is the same as in the tale of "The Money
Myth Exploded": an account is created for each member of the
community.

JCT: Yes, no interest-systems are alike.

S: The following system will therefore allow any community
or village to make cards, you have your card number, and you
can rebuild your scriptures and reclaim your assets which is
even better than the actual system with bank notes. And you
have, naturally, no interest. This means with every
transaction, everything will be cheaper in the community
because, today, the interest rates kill people.

JCT: Yes, yes, yes, yes, yes. Yes. Yes, yes, yes.

S: To own a bank

JCT: First, buy some poker chips.

S: In my presentation to start a new bank, I say to the
people: "So, do you want to be the owner of a bank? Yes? Who
does not want to be the owner of a local bank? I assume that
everyone wants to be the owner of a bank. You can be the
owner of a bank, like we did in the Philippines, Madagascar,
Switzerland, and in Poland. But to be the owner of a bank,
this bank needs to have a management. This banks needs to
have auditors. Then we need now to have people who are
willing and ready to act as managers, and willing and ready
to act as auditors. So now I ask you, who will volunteer to
act as managers of the bank and auditors of the bank? I need
at least three managers (a director, a secretary, and a
treasurer) and two auditors (who verify once in a while the
bookkeeping of the bank). Now, the people who are willing to
be and to act as the management of this local bank owned by
the local community, please come in front of the room."

JCT: Very good. No need of a directory when everyone joins.

S: It was very interesting to see how many people were
willing to act and to take the responsibility of running the
bank. In Poland, we had so many people who came on the
stage, it was just unbelievable. In the Philippines, too, a
lot of people were volunteering to come in front to fill
these positions. So be sure you have seats in front of the
general assembly so the new managers and auditors will be
able to sit down. It is the community that chooses the
people who will be on the board of the bank, people they can
trust and who have enough skills to do the job.

JCT: So why aren't those systems online?

S: In Madagascar, we established a bank in one of the
poorest villages in the country, and now we are receiving
nice reports signed by the management of the bank. They
understood, and they took the responsibility of their new
bank very seriously.

To be the bank manager of the local bank is very easy: your
only task is to be in charge of the bank ledger.

JCT: It's as simple as being a casino cashier. Assets come
in, tokens go out. Tokens come in, assets go out.

S: There is no need for a safe, for bullet-proof windows and
armoured trucks and armed bodyguards to carry the money,
etc. The only thing you have to keep in your house is the
bank ledger.

JCT: That's true. When money's not in short supply, no one's
going to needing to rob to get some.

S: The prices

Now, at this stage, you have the general management, you
have the auditors, and you have the general assembly. It is
now important to put in writing the just prices for the
basic goods and services of the area which will be decided
by the general assembly. And to decide how to share the
profits, because this bank can create money as any other
bank. And this bank will create money to allocate
investments for the production of goods. And the people,
when they have a lot of pluses (money in) on their cards,
can invest those pluses in projects, and those projects will
give more production abundance.

JCT: Here's the confusion. If the projects have interest-
free financing, why do they need to borrow anyone's savings?
It's a vestige of the old scam. No one invests in projects
that are funded automatically.

S: So it must be put in writing how the profits of this
abundance will be distributed. This way the people will be
more willing to share.

JCT: There aren't supposed to be many profits from the
cashiering service. It should be a minor accounting cost to
run money. He's talking about getting his nose into the
economy's action. The cashier should keep his nose in the
cage.

S: In the Philippines, for example, the producer of rice,
who understood very well this system, signed a contract to
share 70% of the profits from the production of rice with
the general assembly, and keep only 30% of the profits for
himself. It was really astonishing for me to see that they
would be so generous in sharing. A priest explained to me
that when there is no interest charged, when there is no
usury, the producers are very happy because, in those
countries, usury can climb up to 1,000% per year. That makes
20% a week. And because we now have a local banking system
without usury, without interest rates, everybody is happy,
and everybody can share more. Now all this money will not go
to the usurer who was doing nothing except taking 1,000% per
year.

JCT: Okay, when everyone is online, they're not going to
need 70% of everyone's profits since everyone gets a piece
and will be able cut back until no one needs anything out of
anyone else's score since we're all doing well on our own.

The point is that the system will work whether everyone gets
to keep everything they earn and then chip in their share of
community expenses after or whether everyone will own a
small piece of everyone else's action with the ensuing
accounting such complex banking will take. I like letting
everyone keep 100% and chipping their share in back-tax.

S: A system that works

This system reminds us of the parable of the dishonest
steward. You remember in the Gospel of Luke (Chapter 16) the
parable of the dishonest steward saying to his master's
debtors: "Here is your promissory note. Sit down and quickly
write half the sum that you owe to my master." The only
difference is that with our local debt-free banks,
everything is done honestly.

JCT: Whoa. It's not the same at all. Defrauding a creditor
who wants his principle and interest is not the same as just
dealing with a creditor who wants his principle. Sure, it's
cheaper but it's not a question of honesty, it's a question
of smarts.

S: And it is working! In fact, it is working so well in the
Philippines that we have now more than 15 local banks (as of
March, 2005). And the newspapers and the government is now
already attacking this system. That makes a lot of
advertising, a lot of publicity. In fact, those attacks can
be good for the spreading of the system because now
everybody is speaking about this system.

JCT: As soon as they are interlinked with other time-trading
LETS currencies around the world, how can the government
attack them there when we can't be attacked here? Joining
the international UNILETS movement is their best protection.

S: It is the love of money that is the root of all evil, and
with this system, you have less the notion of money being in
your pocket, and it is a way that you love less your money
because it is really just a means to facilitate exchanges.

JCT: They love money because it grows and gives them babies.
If it were just tokens, they wouldn't love money. Interest
makes men love money. Interest is the infamous sin that
leads to death.

S: You can exchange any goods, any services, and you cannot
as easily love your paper which is really with your
handwriting and the signatures of the others, which is
really a community creation of local money. It is not as
easy to love this piece of paper as a bullion of gold or
coins or bank notes. It is really a way to avoid this love
of money which is the root of all evils.

A ruler to create money

JCT: And the best ruler is the one everyone understands, one
hour of time. 60 minutes, 3600 seconds of time.

S: And this card, this system is giving you the ruler to
create money. As you have a ruler to measure meters or feet,
you have a ruler now to create the money necessary for the
local community life. And with this system, you can allocate
money for the basic needs of the poorest. The dividend has
to be accepted by the general assembly. Normally we
recommend giving a dividend at least equal to the amount
necessary to cover the basic needs for the life of the
poorest, the sick, the old people present.

And it is working now. For example, in the Philippines they
have chosen a dividend with the value of $100 U.S. And the
local economic system has a boom now because there is enough
money in the system.

JCT: If they're doing it large-scale, it should certainly
work. 70% of all production having to be dealt with by
central control sounds like a lot of work whereas with
Turmel running the cage, I'd do banking transactions once a
month and leave town in between. I've always said that
allocating those common resources is for government to do
and it's not what I want the cashiers to be involved in.
Unless government won't do it in which case, these LETS
banks should be able to take over functions that government
can't afford, just like they did in Argentina.

S: Spread the news

We are looking for people to go all over the world to spread
this good news. This good news is making the poorer richer.
This too is making the local development possible. This too
allows the poor to have as much money as they need for the
physical needs of the local community. And it is really a
liberation tool.

JCT: Why do you think that the Engineer of the Debt
liberation tool called my party the Abolitionist Party of
Canada. I know that interest-free currency is the solution
to the enslavement of interest-bearing currency.

S: Naturally, in this process, you need to pray, so we
always ask the people to pray together before each meeting.
And because of the prayers of the Rosary, because of all the
prayers of all the Social Crediters since the foundation of
the Movement, it is really giving a lot of fruits.

JCT: I tried to get them to practice 20 years ago the
Salvation Island system preached by Louis Even and they
contributed nothing to the spread of the social credits
currency movement. Who knows if their prayers for that which
they rejected had any better effect.

S: And we need to work fast. For example: in the
Philippines, the development is fast because one local bank
alone is a plus, but if this bank is alone, it is not
enough. You need to spread on a regional level around a
city, for example. This way you can exchange all the goods,
the food, services; you can exchange everything necessary
for the basic needs of life. And it is happening now in the
Philippines that the development is going as fast as
possible. We are really astonished that they have understood
so well with one month's teaching. They already opened more
banks than what we did when we were there. Now we really
need people to travel all over the world to spread this idea
to others.
Francois de Siebenthal

JCT: Yes, yes, yes, etc. The problem is this. How can any
one who expects to be teaching banking systems engineering
not have run into the world's one and only advanced
engineering analysis of the banking system? How can anyone
professing to lead us to safety confuse debt with interest.
Blame debt rather than interest.

How can anyone read the Salvation Island and note that the
only difference was that the Islanders decided to do their
accounting themselves without interest.

How can "debt-based" money ever be blamed.

I'm pleased that interest-free banking is having some
success even if it's being touted as "debt-free" banking.
Tell that to the guy who's handing over 70% of his crop.
Yet, there's nothing wrong with debt, credit, social debt,
social credit and misblaming debt rather than interest is
the only flaw in the piece.



--
Abolitionist Slave Leader John C."The Banking Systems Engineer" Turmel
for UNILETS interest-free time-based currency in U.N. resolution C6
to Governments in the http://www.un.org/millennium/declaration.htm
http://www.cyberclass.net/turmel 519-753-0645 USENET: can.politics