- - - - -
A fallacy prevalent yet
Is to think that the money we get
Is based upon gold:
It's not. What we hold
Is deposit, created by debt.,- - - - -
Additional money about
Would increase our well-being, no doubt,
Did not price levels rise
With the money supplies
And cancel the benefit out.- - - - -
How good for the soul in distress!
Whenever our trade's in a mess
Because of deflation
We find consolation
In knowing that coffins cost less.- - - - -
The people still flock to the poll
And think they have final control,
But really they dance
To the tunes of Finance,
And solace themselves with the dole.- - - - -
The phrase "a gold basis" we feel
Is likely the truth to conceal,
For Money is Credit
(McKenna has said it)
And the basis of credit is real.- - - - -
Though Science has come to Man's aid
And all that he needs can be made
The cunning device
That all costs enter price
Ensures that the price can't be paid.> - - - - -
Although we produce more and more
We merely keep adding to store,
Till at last we destroy
What we cannot enjoy
By the time-honoured method of War.
- - - - -
Machines do our labour today -
"Advancement of Science" they say,
But where is the pleasure
In hours of leisure
When freedom from toil means no pay?- - - - -
In which are examined the Philosophic Implications of Certain Proposals for the Proper Utilization of the National Credit.
If means of production expand
And leisure is ours to command,
Why base on employment
The right to enjoyment
Of things that await our demand?- - - - -
(1). The Compensated Price.
Says Science "Come, take my advice,
"Don't pay for your benefits twice:
"Pay only the cost
"Of the goods that are lost
"In obtaining them. That's the Just Price." - - - - -
(2). Dividends for all.
Not only by profit or wage
Should men live, but each sinner and sage
Should receive the full share
That is his as co-heir
Of the wonderful race heritage.- - - - -
Although in the main one agrees
Gold is useful for trade overseas,
Internal exchange
We can surely arrange
On whatever sound basis we please.