Thank you for giving me a refresher course in what I learned in high school
government class. I was simply trying to say that if Congress should have
ever decided to dissolve the Fed. and vote to institute a system of social
credit under the  Constitution they would have that right to do so, even
though it is very unlikely in the present geological epoch. I was not saying
"that Congress controls the issue of money in the USA at this time" because
I know that the Fed does, and they do print it whether they ink the paper or
issue the bonds or not. "FEDERAL RESERVE NOTE" is printed on every bill
right on top of all the heroes. The Fed are appointed and paid by the
governmentalthough you are correct that they are a consortium of private
banks. This is probably why it works as well as it does because the
government can't screw it up. All things considered, I am not sure how
"democratic" this institution is, but I would be the first to admit that I
know very little about economics like the majority of people who are
absolutely unqualified to make judgements on a subject of which they have
insufficient Knowledge.
    I did not say that Keynesian economics is equivalent to Social Credit
nor that the abandonment of the gold standard is the key to either Keyne's
utopiaor Social Credit and Pound's locus amoenus. I only said, if you will
look again, that Keynes recognised the need for "some type of regulation".
And that is what we have in the Fed.
    But what is democratic about the Federal Reserve? It follows in the
tradition of Hamilton who thought the bank should be controlled by private
individuals and that public control would "corrode the vitals" (Hamilton) of
the bank's credit. Nobody is voting to take him off the 10 $ bill for saying
this. The point is that a few failures of Social Credit do not prove it to
be an "erroneous solution", and you admit "the movement had some success in
New Zealand". Whether or not a system like Gesell's would turn into
financial disaster remains to be seen. It is very hard to make something
like this work when it is surrounded and dominated by ubiquitous forces.
Pound demonstrated this in the case of Woergl.  Furthermore any little
oversight demages the possibility of success. Wasn't ther an instance where
the script money was tried but the renewal stamps were too large of too
small? Refresh my memory. I hope you don't tell me it's all in your book.
Incidently Iwill check out your books, sir.

                                       Best wishes, Charles (Wha would be
King but Charlie?) Moyer