When Monetary Justice Goes Political ; The Pitfalls To Look Out For
While Canada’s federal government was experimenting with public credit issued on a national scale, the Canadian province of Alberta was engaged in an experiment of its own. Hit particularly hard by the Great Depression. Albertans decided they needed a change from the current political party, the United Farmers of Alberta.
In 1935, they voted for a new group called the Social Credit Party, which promised a new way to run society, including a monthly payment of dividend for each citizen, regulated and fair prices, and protection for debtors during hard times. It called on democratically-elected governments to take monetary control of the system away from privately-owned “debt creating “ banks.
These innovative ideas resonated with the beleaguered farmers of Alberta who voted the Social Credit Party into power and kept it there for 35 years-the longest any political party retained a majority in Alberta.
The Social Credit Party’s revolutionary manifesto however was not able to be fully implemented thwarted by conventional banking buying of political interests. The resourceful Social Credit Party did the next best thing ; it formed a financial institution that created money as credit on its books as all banks do, called the Alberta Treasury Branches (“ATB”). The private banking community scoffed at this attempt by the government to compete, but the ATB proved to be an overnight success. Albertans rushed to support the ATBs. It grew from 6 branches in 1938 to 150 by end of World War Two. By the mid-forties ATB has become an integral part of Alberta’s economy. By 1969 it was the dominant institution in Alberta outside the cities.
In 1971 powered by private banking money the Conservative Party ousted the Social Credit Party, took out ATBs from public service and converted them into bankster replicas.
Coming soon: Canada’s Move to Monetary Sovereignty
An Islamic Monetary Reformist’s Take cum Edited Excerpts from Ellen Brown’s From Austerity to Prosperity- The Public Bank Solution
Islamic Monetary Reformist
Muhammad Zahid Abdul Aziz
Note: The Islamic solution will be bespoke with its required parameters.