Kudos to Heydorn
by Thomas Storck
In the Sept. issue of the Concourse Oliver Heydorn responded to some earlier articles of mine by introducing the subject of our financial system and suggesting C. H. Douglas’s Social Credit as a remedy for its ills. As for his diagnosis of the problem, I entirely agree with him. In chapter three of my book, Foundations of a Catholic Political Order, I there point out the strange character of bank-created money and the injustice involved in having private banks make considerable profits from what is essentially a public function, and which they undertake with very little expense to themselves.
As to the remedy Mr. Heydorn suggests, Social Credit, I believe that we need further study, but I endorse fully his statement that we need to move toward 100% reserve banking. This idea, by the way, has been championed by a number of noted economists, including Rupert Ederer, Milton Friedman and Irving Fisher. I welcome Mr. Heydorn’s contribution and the concern that he and I share toward achieving a just and humane economy.