Confusion about banking operations and the power of bankers has been in evidence for a long time. It was known before 1848, and that year saw the publication of two works putting opposite points of view. One was Lectures on the Nature and Use of Money in which John Gray outlined a scheme which was the forerunner of the Social Credit Movement founded by Major Douglas in the nineteen twenties. The other was John Stuart Mill’s Principles of Political Economy which contained the following:
The Bolshevik seizure of power in Russia put the clock back in the sense that before the First World War the radical wing of the international Social Democratic movement was making progress towards positions similar to those of the Socialist Party in Britain but, after 1917, most of those involved were side-tracked into supporting the Bolsheviks. For many this was only a temporary dalliance, but the damage had been done.
We are in the midst of a crisis that is world-wide. Every country feels its ravages. Millions and millions of workers are unemployed and in acute poverty. Everywhere there is discontent and a feeling of insecurity, and the prestige of even the strongest of governments has been shaken. All sorts of emergency measures have been hastily adopted, but the depression still continues. Working men and women who normally ignore such questions, are now asking why the crisis has occurred, what will be its outcome, and whether it could have been avoided. In some minds there is a fear, and in others a hope, that the industrial crisis may bring the present system of society down in ruins, and make way for another.