PREFACE TO REVISED
first edition of this book was issued in 1924 in order to correlate
the financial theories, which have since become widely known
under the same title, with the social, industrial, and philosophic
ideals to which they are appropriate.
the time that it first appeared (in 1924), it was generally
assumed that the world was entering upon a period of increasing
prosperity, and such prosperity in a material sense did accrue
in the United States to an extent never previously experienced.
will be noticed that the view that this prosperity could be
of long duration was not held to be consistent with the theories
of Social Credit, so long as the conditions imposed by the existing
financial system remained unchanged, and it was suggested that
such prosperity would be followed by a crisis of the first magnitude.
The same views were expressed in a long cross-examination before
the select Committee of the Canadian House of Commons on Banking
and Industry in 1923, and have unfortunately proved to be only
too well founded. The pressure of the world crisis, and the
fear that it may develop into forms threatening the extinction
of civilisation, have brought home to large numbers of people
in every country the instant necessity of finding an explanation
of the paradox of poverty amidst plenty, with its accompaniment
of social and political stress and strain, as well as the urgency
of a remedy.
every country of the world, and more particularly in the British
Dominions overseas, the financial system has been brought to
the Bar of Public Opinion as the chief factor in world unrest,
and there is little doubt that the jury has confirmed the Verdict
somewhat rhetorically expressed by Mr. William Jennings Bryan
in his famous election speech: "The money power preys upon the
nation in times of peace, and conspires against it in times
of adversity. It is more despotic than monarchy, more insolent
than autocracy, more selfish than bureaucracy. It denounces,
as public enemies, all who question its methods, or throw light
upon its crimes. It can only be overthrown by the awakened conscience
of the nation."
present edition of the book has been completely revised, and
new matter has been added to amplify the meaning it was intended
to convey, but the main thesis remains substantially unaltered
as a result of the confirmation which events have supplied as
to its essential soundness.