Kudos to Heydorn

by Thomas Storck

In the Sept. issue of the Concourse Oliver Heydorn responded to some earlier articles of mine by introducing the subject of our financial system and suggesting C. H. Douglas’s Social Credit as a remedy for its ills. As for his diagnosis of the problem, I entirely agree with him. In chapter three of my book, Foundations of a Catholic Political Order, I there point out the strange character of bank-created money and the injustice involved in having private banks make considerable profits from what is essentially a public function, and which they undertake with very little expense to themselves.

As to the remedy Mr. Heydorn suggests, Social Credit, I believe that we need further study, but I endorse fully his statement that we need to move toward 100% reserve banking. This idea, by the way, has been championed by a number of noted economists, including Rupert Ederer, Milton Friedman and Irving Fisher. I welcome Mr. Heydorn’s contribution and the concern that he and I share toward achieving a just and humane economy.

Thomas Storck

issue cover

Related articles:

Same issue

Same topic: distributism

V,5 What is distributism?, Thomas Storck V,6 (re)Distributism (re)Considered, Joseph Zoric V,6 Towards a humane economy: a reply to Thomas Storck, Philip Harold V,7 The good of distributism: a reply to critics, Thomas Storck V,7 Inner life of society determines value of economic systems, Daniel Ellis V,8 Distributism or the Free Economy?, Kevin Schmiesing V,8 A personalist point regarding economics, Philip Harold VI,1 Distributism, state power and papal teachings, Thomas Storck VI,1 The legitimacy of wealth, Genevieve Belland VI,2 A different interpretation of the social encyclicals, David Schmiesing VI,2 Broadening the Distributism Discussion, Philip Harold VII,1 The economic role of the medieval guilds, Thomas Storck VIII,1 Social credit: a distributist reform of the financial system, Oliver Heydorn VIII,2 The unfeasibility of the Social Credit solution, Gabriel Martinez VIII,2 Social Credit is no alternative, Joseph Zoric V,8 Beware of economic Puritanism, Kathleen van Schaijik

Same author