The Guernsey Pound: Profiled Debt Free Money

Executive Summary

• The Guernsey Pound is one of many examples of successful debt free money.
• There is no debt free money that private banking interests or compliant media want the public to know about.

Introduction

The debt free money issued by Guernsey that has been issued as needed, grown enormously over decades and has not been inflationary.

Private Bankers Stand Ready to Stop All Debt-Free Money

The island of Guernsey had tremendous success with their own government debt-free money. However, both the public and the politicians were told that this multi-decade success was irresponsible. This is explained in the following quotation.

“As the new currency was paid out into circulation among the people, exchanges were being expedited. The wage-earners went to the shopkeepers, the shopkeepers went to the producers, the producers bought enough to increase their production. The currency was accepted everywhere. The government took measures against inflation by decreeing that money would be withdrawn by taxes, so it does not accumulate. And, in fact, the money was retired on schedule by taxes. But, as the increasing activity required a corresponding volume of money, other issues were brought out by the government for other works.

On October 12, 1822, the new Market house was completed and opened. Not a penny of public debt on this public enterprise.

The bankers intervene
At the time of the original issue, there was no bank upon the island. This explain, without doubt, why there was no opposition to the issue of State money.

But ten years after the first issue, the island had become so prosperous, thanks to the activity allowed by a sufficient volume of money, that the banks of England had en eye on this island.

English bankers set up branches in the island and brought the population around to orthodox rules. “It was unsound,“ they said, “to let the government finance its enterprises without getting into debt.”

The bankers did everything to stop further issues to introduce the system of interest-bearing loans to the government and to withdraw from the island the State money that had been paid out into circulation.

There was some resistance, but the bankers won their point, with their usual methods, and on October 9, 1836, the States of Guernsey had abdicated their sovereign prerogative over the control of the volume of money. From then on, the amount of the national currency decreased gradually, and was replaced by money issued by private bankers in the form of loans getting the island into debt.”

Source: Michael Journal

https://www.michaeljournal.org/articles/social-credit/item/guernsey-s-monetary-experiment

The story does not end there, as Guernsey’s debt-free money was created again after this, and the island still uses much of this money. However, the point is made that anyplace debt-free money is successful. Private bankers will defend upon that area to tell the public and the politicians that what they are doing is impossible and that money can only come from debt. Their proposal is very similar to the Groucho Marx quote.

“Who are you going to believe, me or you lying eyes.”