Summary of the DUNDEE Report of 1962 from which CCMJ sprang

A reminder of the summary of a 1962 Scottish study of the use of money, which was the primer for the formation of Christian Council for Monetary Justice and our long struggle, largely in vain, to awaken Christians to the exponentially exploitative effect of usury. 

Since a few associates are soon to advance a new critique and a proposal for collaborative action under the Meme of SUN PARADIGM, I thought this three-point summary of the report worth circulating:

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WEALTH – A CHRISTIAN VIEW – Conclusion of the 1962 Dundee Report: 

As the result of our investigations we have come to the following conclusions:

I. We believe that the existing system of debt-finance, whereby practically all money comes into circulation as interest-bearing debt, is prejudicial to human well-being, a drag on the development and distribution of wealth, finds no justification in the nature of things, and perpetuates a wrong conception of the function of money in human society.

II. We believe that the virtual monopoly of credit enjoyed by the banking system is contrary to reason and justice. When a bank makes a loan, it monetises the credit of a credit-worthy customer, admittedly a necessary service. But when it has done this, it hands him back his monetised credit as a debt to the bank plus 6, 8 or 9 per cent. There seems to be an anomaly here, masked by the use and wont, that calls for examination. The true basis of credit is found in the assets of the nation — men, labour, skills, natural resources and the enormous power for production now in human hands. The creation and function of money ought to bear a strict relation to those physical facts, and to nothing else.

III. We believe that the existing system constitutes a barrier to peace and disarmament. It involves the trade war with resulting international friction. It requires the priming of the financial pump through the colossal expenditure on armaments in the cold war situation. By this means vast sums are put into circulation without a corresponding production of consumer goods. It seems difficult to deny the assertion made by Professor Galbraith and others that without the expansion of the economy in this way there would be economic collapse in the U.S.A. and in this country. Since we are confident that it is not beyond the wit of man to devise a system from which these features would be absent, we would urge that it is an imperative Christian duty to press for the introduction of such a system.
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