ABOUT AN ECONOMIC SYSTEM

The citizenship of T. Herzl goes back to what I have already had occasion
to quote from the *Hazard Circular* of 1862. In this circular, which dates from the
American Civil War, one reads: "the great debt which the capitalists are assuring
themselves will be created by this war." In 1895 Herzl wrote: "we shall be able...
to intervene as lenders of money and dictate our own terms."

This war did not begin in the year XVIII, but started at least two centuries
and a half ago; or rather, to be precise, it dates from 1696.

The Führer has finally spoken the word: "gold." Certain things are clear.
But the common reader has not yet grasped the chief points of the new monetary
system. To clarify the problem better I think it opportune to mention my state
of curiosity, that is, my *personal* curiosity as it was in 1932 before the ten
lectures I gave at the Bocconi University. I advanced my ideas more or less in
the form of an interrogative manifesto which called for an affirmative answer.
The following year I published a shorter declaration to which I have received
about
*ANONYMOUS*
fifty answers from professors, economists, experts, and statesmen.

In the year XI of the Fascist Era I therefore asked myself these questions:

1. Is a system economic which gives richer profits to men making cannon to murder people, rather than to those growing grain and making useful machinery?

2. Ought the credit of the nation to function for the benefit of the *whole* Nation?

3. Is the sense of responsibility of each person toward everybody else at the base of the Fascist party? (The Fascist Revolution began with the Duce's phrase: "We are sick to death of a government where there is no responsible person with a front name, a hind name, and an address.")

4. If money were considered a certificate of work done, would taxes be necessary?

5. Marx found work at the base of all values. C. H. Douglas derives values

About an Economic System, 2

partly from work (that is, today's work), but more from the cultural heritage, that is, the total accumulation of mechanical inventions, and for that matter, the customs and habit of acting in an orderly manner, etc. Which accords best with the statal idea?

6. Is the most immediate and pressing problem, especially in the U. S. and Parliamentary States, the problem of the distribution of purchasing power?

7. "A factory may be considered not only a machine to distribute purchasing power," says C. H. Douglas. What comment can be made on that? With the present system (banking, usury, etc.) purchasing power diminishes continually in proportion to the material production.

8. Ought we to have a ticket (for example, a ten-lire piece) for each piece of merchandize of corresponding value?

Or approximately?

Or with a superfluous quantity of goods, sufficient for a reserve?

9. By constructing electrical power-plants and making land arable we have created real riches. Does not the immense mechanical progress under Fascism (super-vision, not state control) contribute more to well-being than any other system extant in the year XI?

10. Can we apply to the Banks what the Duce has said about the newspapers, that is, when they are "free" they are controlled by private interests?

11. For me the quintessence of Bolshevism is in Lenin's decree (subscribed to by others): "Banking is hereby declared a monopoly of the state."

12. Would a perfect currency be a true certificate of existing goods?

Or the order to carry away or release those goods?

Or a compromise, that is, a fiction about the relation of the goods to some substance or some will?

If the latter, whose will?

13. R. Mckenna holds controlled "inflation" the supreme remedy. Would it not then depend on who was doing the controlling and with what motives?

About an Economic System, 3

14. If inflation is accepted as remedy, what are the arguments against an equal inflation, that is, distribution of "State Dividends" to everybody?

(Note: November XIX. In this paragraph the language is not adequate to the subject.)

15. When I discussed Fascism with a Bolschevic official, he insisted that the Russian State belongs "to them," that is, the people. I do not grasp the significance of **ikka** "belongs."

Italy under the fascist regime is hardly feudal? (ironic question)

Other questions followed which did not belong strictly to the **mamмотыру** economic-monetary problem; for example:

16. The difference between Bolshevism and Fascism is in the cultural level. An administrative form, even a theory, may be changed in six days, but a civilization cannot be made in six years.

17. Prejudices: dead verbal forms?

18. Wasn't Jefferson's **defacto** government much nearer today's Fascism than the present american actuality?

(Note: In the following month, February XI, I wrote my "Jefferson and/or Mussolini.")

On another page of my notes I find in english the words: "any improved monetary-economic mechanism would be absorbed and set in motion more quickly by Fascism than by an other existing system.

If all this seems dull, or useless, after **ikka** what has been written in "Gerarchia," and after the Führer's last speech, and if it is all to be considered superfluous after the administrative orders for the year XII, I nevertheless wish to register the fact that years after I had compiled and clarified my ideas on the above questions I received a warning from one of the usual frightened rabbits that my ideas were **not** in accord with the Regime. Naturally the warning was anonymous. I paid no attention to it, but the having been warned gave me a measure by which to understand many idiocies, that is, the possibility of sorting out the wherefore

About an Economic System, 4

of certain of the enemy's moves, and his underhand methods to increase a total in-
comprehension of the Regime among the foreign journalists resident or passing
through Italy.

And I do not believe that even today the warning would be presented visiting-
card in hand.

LET US DISTINGUISH

Money and credit are related, but not identical terms.

Money, even gold, was a demonstration both of trust and mistrust, mistrust showing
in the material component, trust in accepting the coin with the incised image and the
inscription of value.

the
After making dis-
covery
printed
that paper is not
prevents falsification, it follows that paper can function as money. This was
already known in China in 600 A. D.

Having got as far as the idea, and today the official proclamation, of work-
money, we ought not, and cannot still hook ourselves up with the superstitions of
a rothschildian epoch. The usurers are on the decline.

The acceptance of work-money carries not one benefit, but several.

Gold is scarce. It was always the means of strangulation. For many centuries
the so-called gold standard served chiefly to hide the non-gold, PSEUDO-gold money,
that is, imitation money resulting from the confusionist accountancy of the bankers.
With work-money a fact

Work is not scarce. Working money is the fast money, money can now be used
where previously credit was used, and even the State followed the bad practice of
going to usurers, begging them to give credit to the State. Yes, actually to the
State! The State paid rent to the usurers for credit which belonged by right to
the State itself; for it came into existence through the cooperation of the whole
people and is a social product.

But by adopting work-money, money can be issued at the moment that work useful
to the State has been done. The problem of circulation would resolve itself. The
centuries-old problem of the distribution of money among the people is settled with-
out putting them under the usurers' yoke. The State is no longer forded to ask money
the immense burden of the payment of interest on new public debts.

Perhaps this is enough for one article or talk?

Let me have one more word. Payment of interest may promote good public order

Let us distinguish, 2

for decades yet, preserve a high level of culture, and reward prudence and good
paractices. But the total of these payments should not exceed the _normal_ profits
of the nation.

That is, they must be measured in proportion to the normal, predictable
national profits. And when I say "must not exceed" I diminish the gravity of the
problem, because in reality payments of interest should not equal the profits. They
could be reasonably limited to at most a nominal percentage of these profits,
and be considered a dividend to the privileged, or prize-winners. I emphasize the
work "prize-winners."

I would say that these prizes should not amount to more than one hundred
thousand lire a year to any individual. I would say that our aim ought to build
up and support the State, not to profit by anonymous Limited companies.

PROMISSORY NOTE

Mandarin Wu Yung tells how the bankers often came trying to persuade him to take a loan, although he could not possibly have paid it back with his legitimate salary.

This fact ties in with the tragedy of the door-keeper, the best and most faithful, of a Venetian library, who finally hanged himself because he had fallen into the hands of usurers.

In India the agrarian taxes are collected before the harvest, so that the peasants have to go to the usurers for money to pay them. All these facts show a lack of balance in economic ideas, and a decadence of the true economic systems. Wu Yung was one of the "Ten Remnants," the ten men of the ancient culture who lived on after the fall of the Chinese Empire and the Empress Tz'u Hsi.

One can exaggerate the policy of low salaries. The idea of the just price is not limited to the just price for agricultural products. The classic conception in China, recorded by Mencius, is that of the nine fields. That is, the centre field is cultivated for the benefit of the state administration, and is attended to first; the other eight fields are worked for the benefit of eight private families. Near the imperial city a tax of 10% was substituted for the harvest.

Mencius judged that a higher tax would be tyranny, and a lower one insufficient for the necessary expenditure of the state, which included maintenance of culture and education.

Usurers have always favoured unjustly low prices for agricultural products, but they have also favoured low salaries for state employees. And we must overcome not one, but every usurious swindle. The nation and the people, individual and collective, must avoid the poison of the moneylenders.

Mark Not working in a corporate system, Gesell tried to deprive money of its _unjust_ privilege with respect to agricultural products, that is, money (theoretically) does not lose its value, but tomatoes, cherries, potatoes spoil or are difficult to preserve.

Promissory Note, 2

In economics there is no virtue which will not become a vice by exaggeration.
To protect savings? Certainly! But only up to a reasonable point.

One must distinguish between work being done today, work already done by the living, and that done by those now dead who no longer need to eat.

Merchandise is consumed. But the tickets corresponding to the goods do not diminish in a mercantilist system. And the new concept of work-money needs much reflection to get clearly in one's head the *just* proportion between tickets (money, paper, and bonds) and goods available on the market.

The total quantity of money in a nation can buy the available goods and services, but not more. (Imports are paid for in goods, or create $\$\text{debt}$.)

There will be a tendency to devaluation when goods are consumed or destroyed more rapidly than the money. That is, if the goods consumed are not replaced by new goods in equal quantity to those used up.

When production of new goods overtops consumption, an increase in the total of notes is not permissible. In war time this is not probable, hence the tendency to inflation.

Bonds imply prorogation of purchasing power, but they increase the quantity of stamped paper which gives right to purchase. That is, a bond at 5% maturing in face value. nine years implies a nominal purchasing power of 145% of the original purchasing power.

Gesellschaft money offers instead a means of balancing the total money with the total goods, which a balance which must be maintained step by step as the goods are consumed. But one should not exaggerate.

Stamp-scrip, or taxed money, offers the advantage of 17% per annum, that is, a protection against devaluation of 17% per annum to the whole nation, and so a protection of the purchasing power of the lira, the monetary unit.

either

This fact should not be exaggerated or despised. It offers the opportunity ofDiminishing the taxes claimed by the treasury, instead of increasing them, as must inevitably occur with the issue of state bonds.

Promissory Note, 3

The State does not need to rent its own credit; credit is not produced by the
individual; credit is a collective product, that is, statal. It depends on civic
order.

It is not enough to say that money has become "symbol of work." Money is a
more dignified thing. It is a symbol of the *collaboration* inside a civil system.

It can justly be called a certificate of work done inside a system; work
directed to an end, whether spiritual or material, useful to society.

One cannot eat work. It cannot be worn. One eats food and wears cloth.
Work adds to the abundance of nature. Money certifies the quantity of work done in
collaboration with, and according to, the standards of collective justice estimated,
computed, and measured by the state.

To fall back into automatism would be a lack of understanding of the fascist
idea. The value of the understanding, the value of the discipline, would be greater
if each peasant brought his produce to the market at the decreed price.

On the other hand, considered as a problem in mechanical dynamics it is much
easier to control money at the printing house, at the clearing houses and teller's
window than to keep an eye on the cherry harvest.

at the expense
For centuries the injustice of prices has nearly always occurred making the
of the farmer.
all the work

He will be strongly tempted when he sees an opportunity for revenge. All
purchasing power does not yet come from work.

Mraol education is by far more important than monetary education, but this
is no reason for totally neglecting the strictly economic side of education. And
among all the monetary problems the least understood and the least clarified is
that of the decrease of purchasing power step by step with the consumption of
goods.

Prorogation alone does not solve the problem. The history of the last two
centuries is chock full of the repudiation of both state and industrial bonds. It
is chock full of stories of inflation and deflation.

The purchasing power of the monetary unit must be protected. Do not confuse

Promissory Note, 4

the circulation of capital with circulation of purchasing power.

There must be perpetual vigilance over terminology. The definition of money should be brushed up every week.

A single economist cannot settle the terminology of that part of economics which is scientific. Collaboration and serious study and research are necessary.

Perhaps one should limit the word capital to productive undertakings only, or corresponding tickets showing to tickets corresponding to a real increase in goods, which would correspond to the coupons of bonds and to nature, worker, State.

Land cannot be monetized. Work can only be monetized when it is part of the system, that is, when part of the collaboration: nature, worker, State.

That work should be used as measure of values is just.

That no product should have special rights above other products is equitable.

That money itself should have rights, or claim rights already possessed unjustly from privileged goods, is another injustice. Gesell fought against these unjust privileges of money. But his instrument, that is, stamp-scrip, or tax-stamp money, should be studied in relation to fascist economy and not only according to the superstitions of an era now past.

Terminology is not science. But progress in any science is achieved and is registered by the development of its terminology and by the increase of its precise use. The progressive definition of such words as money credit, capital, interest, usury, already constitutes a great part of the true knowledge of economics.

SOCIAL CREDIT

Undoubtedly credit is a social product. Personal responsibility is one of the components of the credit conceded to an individual, because it is generally conceded with the good faith and good intentions of the debtor, that is, on his will to repay the sum received. Bearing in mind, however, that restitution also depends on surrounding conditions, the maintenance of public order, one can affirm that personal credit is a social product.

Credit increases with a nation's organization: in fact, from the beginning it has increased by the "increment from association." This means, for example, that a million individuals, each working by himself, cannot build a battle-ship or an electric power-house.

In this way the enormous credit that we know today arises from social organization, from the organization of the state. And the state has no need to borrow money from private persons. It has no moral or material obligation to borrow from private persons. It is therefore free to neter into contracts with private persons for the payment of interest, in as much as it is not obliged to get into debt according to the old-fashioned superstitions of the Rothschild era. I do not mean to say that State Bonds should be forbidden.

Examinate the arguments against the arguments of State Bondsmen

I am not against

the issue of State Bonds.

That a government can get large credit (even to the extent of billions) from its citizens shows their faith in the government and support of its policy.

The people's testimony to their faith in the government and the state can also indicate other attitudes of mind, contingent passions, but that does not matter. It may indicate private avarice, lack of confidence in tomorrow's market, in the conditions of production, etc. But on the other side, it means a great faith in the government, and that is enough, up to a certain point.

But Bonds serve another purpose, not understood by the common people. State Bonds can be made to distribute a state dividend, that is, can distribute the profits earned by the whole nation.

Social Credit, 2

To be useful to the state, purchasing power of money must be spread around, that is, distributed among the whole people; otherwise we will fall to alms-giving, which is anti-statal poison causing the people to degenerate in an alarming manner.

Credit is a social product, and every citizen (even the unemployed, even the aged and children) contributes to its formation. He contributes by his attitude, civic habits, and conduct. Every individual citizen has the right to participate in the gains of the State; and this does not imply any need to lend or borrow when the nation has truly earned a profit during the current year or month.

A nation's profit, or material gain, can be computed without great difficulty by estimating its goods at the end of each year. If at the end of the year XX Italy possesses more supplies and plants than at the beginning of that year, this would be the measure of the year's profit; and therefore it would be just to distribute this profit by means of money (paper) to an equivalent nominal value.

Since there is a war there is little likelihood that the current year will be "active" in this sense, and so we have recourse to credit. The strength of the national credit is showing nobly in these days.

But who ought to lend?

The individual or the State itself? The State can lend. The ancient Romans and Greeks knew this. Do not forget that the fleet which won at Salamis was built with money lent by the State of Athens to the private ship-builders. In this case it was metallic money. We have two related truths and we should distinguishbetween them.

The State can lend money. History teaches this. But the State can also give credit. In fact, credit being a social and not an individual product, who has the greater right to give credit, the State or the individual?

Enjoying its own credit (credit shown to be truly valid in these days), what is to prevent the State from lending it to private citizens?

0. 91 (100)

When the world spends two years in destroying goods, money *tends* to be worth less. If the devaluation does not occur in quantity (*quantitativamente*), it will probably show in the dimension "time". The direct saving of monetized?? goods is called *delay*. Grain can be ?? *by not* consuming it; one can also *delay* prorogue acquisition. That is, one can of free- *immediate** forced will give up the exchange of money for goods. (*Or be constrained to do so.*)

"Natural" and human forces in
Economics.

Left in the hands of sub-human forces, pluto-liberal automatism, the buying-power of the monetary unit tends to diminish, as water flows down *delay* *not* from the top. Proration of buying (*acquisition*) is a form of quantitative form of devaluation, *but shows in the dimension "time"*.

This delay can have a high ethical value; it may show a people's moderation, or not, as the case may be. God sees the heart of the people. And without ethics, volitionist economics *do not exist*. Without direction of the will, the character of a people remains sub-human.

The direction of the will *canalized* The theory that direction of Gesell's will becomes clear and orientated through wisdom, *at least of Gesell's*, *supercedes the bastard, Jewish-liberal*, *in wishing to use a natural tendency of the monetary unit to diminish* as water floors in hydraulic plant is directed to creating electric energy. That is all. Gesell's remedy is not against *shortage* of carest, but against stagnation. Gesell's theory is not a remedy against bad harvests, but against stagnation. Gesell's method is not a remedy for famine, but for stagnation.

IOI 7

NATURAL FORCES and HUMAN EFFORT.

If you leave it to the sub-man acting automatically in a "liberal"
plutocracy, the buying power of the monetary unit tends to diminish, as
water flows downward. The form of devaluation induced by delayed buying
shows not in quantity but in the dimension "time".

This delay can have a high ethical value; it may show a people's
moderation, or not, as the case may be. God sees the heart of the
people. And without ethics, volitionist economics do not exist. Without
direction of the will the character of a people will remain sub-human.

With an increase in wisdom the direction of the will becomes more
precise in its orientation. Gesell's theory supercedes the bastard,
jewish-liberal in wishing to use a natural tendency of the monetary unit
to diminish, "as water in the hydraulic plant is directed to creating ele
electric energy". That is all there is to it. Gesell's remedy will not
cure a shortage, but does cure stagnation.

Stamp-ship is perhaps the most easily understandable mode of
cancellation and at the same time creates an income for the State.

Among the least comprehensible of these has been cancellation of
credit and purchasing-power at a rate equal to that at which goods are
consumed.

C.H. Douglas has confused nearly all his disciples by his efforts
to explain this cancellation.

IOI 8

A cistern is not a substitute for rain. On a raft where there is no egg, neither money nor jewels will buy an egg.

✓ Devaluation, or the diminution of purchasing-power is, as J.Adams observed, a tax that falls unequally on people. It is true that it leaves the nation without an interest-bearing debt, but it falls on workers and on people receiving a fixed salary,; it falls on the capitalist and those living on a fixed income,; but it does not fall on the producers.

At first sight it seems almost useful to the people.

Jeffrey Mark is a perfectly honest economist, having been preoccupied for twenty years by the impossibility of producing goods by simply producing money. According to him, interest always creates a number of claims in excess of available goods, hence leading to bankruptcy.

To this some people say that without interest business would not continue, considering human nature,.

One ought to reply, that certain kinds of riches, that is, living animals and the combination of cultivateable land and labour can enable us to augment our total of available goods.

The trouble for economic science is, that certain truthes have so well known for centuries that one gets bored and goes to sleep seeing the written; one needs moderation to understand them., while other parti-

Stamp-scrip is perhaps the most easily understandable method of cancellation and at the same time creates an income for the State.

cular points of the total economic problem remain hidden in a fog.

C.H.Douglas has confused nearly all his disciples by his efforts to explain this cancellation.

102 10

It undoubtedly furnishes money income to the State, and in a form that does not damage exchanges. It does not even weigh upon the taxpayer.

Nobody without a great thirst for justice will ever see these problems clearly. The mind must be continually directed towards social justice.

A. 104.

OR DEGUNIAR SCARSPITATEM

and at the same time pro-
duces an income for the state. That is the monthly stamp which has to be
stuck onto this paper money, makes 12% a year for the State on the
amount issued. Any attempt to increase this rate of income would be folly.
It has already been a folly in Canada, and in all the other countries which have tried the experiment,

This system of stamps seems to me the only one by which the
tendency to a diminution of purchasing-power is used to prevent inflation, and the diminution of purchasing-power.

A. 104.

OB PECUNIAE SCARSITATEM.

" To say that a nation cannot do a thing because it has no money, is ridiculous, it is like saying it cannot build roads because there are no kilometres to be had."

Stamp-scrip is not only a remedy against hoarding. Lack of money does not prevent the State from carrying out certain work. The impossibility may reside in lack of raw material, lack of labour, or of technical experts and specialized work, or in the lack of understanding of the nature of money.

Knitl the novelist said to me one day: "Russia has no civilization because she has no stone. She has no roads because there is no stone." That may be. Great civilizations leave splendid monuments because they have marble with which to build.

Lack of money does not prevent a state from carrying out some ideamand to prove it, we have the memorable facts about the village of Woergl

This town was nearly bankrupt/ the taxes had not been paid for three years ob pecuniary scarsitatem; because the people had no money, even the elementary school teachers had not received their salaries.

By the law and national rulings, the burgomaster was prevented from taking action, because he was not head of an autonomous state. Nevertheless he managed to elude the stranglehold of Vienna, that is the chains of international finance.

After the money local, inscribed "Arbeitswert", worth of work, was issued, the taxes were paid, the town built a new bridge, they increased the number of school-teachers, etc., One must admit that you could not have had more favourable conditions for such an experiment in self-support as a town of 4000 (four thousand) inhabitants in the Inn valley.

B 1050B P.SC.

Money is no more than a representation of goods and "services", that is, work.
Credit itself may represent nothing more than possible production..

With the idea of "work-value" or "certificate of work done", the representation
power of money is no longer limited to a lifeless picture of goods
for immediate consumption.
available in an Italian summer, strictly necessary are limited to FOOD,
In an Italian summer, goods

It is a custom to be clothed, and the word is "costume", and evil customs.

From the time of Mencius wise men have recognized the predominant
necessity for a bureaucracy. He says that without the farmer, the em-
ploye would die of hunger, but without the administrative official, the
people would fall into confusion.

###

With usurers' money, or money still subject to the superstitions
left over from the vile period of usurocracies, every new expenditure
every new loan, piles up the annual interest due to be paid, in the future.
This leads to inflation, or the devaluation of the money.

On the contrary, each new issue of stamp-script increases the receipts, monetary intake of the State. Hence Edmond Rossoni's phrase should be remembered: that in this way "the State gets its cut".

I do not know whether Rossoni is aware of having acquired special
merit by these words; anyway I offer him my sincere compliments.

With this system of administration any government department can
get rid of certain burdens.

The possibilities for action of a healthy, and fascist, state are
limited only to its capacity for physical and intellectual work, available
raw materials, necessary for the nourishment of the people's population.

###

Stamp-script is not only a sure remedy for hoarding by usurers who
lock up money in their safes for purposes of extortion, raising the intre-
est rate, but also a remedy for shortage of circulating money.

D Io7 OBP.SC.

STAMPSCRIP.

WE are still faced with a dense ignorance of stamp-scrip, and its inherent possibilities.

We face an ignorance so thick and a carelessness so acephalous while we have a new instrument, a most potent method, in our hands, which we have not yet understood; that is, work-money.

The ignorance of stamp-scrip will only be remedied by continual further information about it. It is to be considered in respect to three aims: 1. velocity of circulation, 2. income to the state, 3. as preventing inflation.

Nervousness when confronted with work-money arises from the " conditioning" of business men, and of the economists themselves, making it absolutely necessary (imperative??) to examine these deeply rooted prejudices.

For more than a century both practical and theoretic economy, including the greater part of the Chairs of Economics have been under the domination, or pressure and oppression, of the rabbis. When the vice-rector of an ancient seat of learning said to me: "You know, ? boys are not at all interested when I talk about such things ?" the answer was: "by Jove, the boys are healthy, and don't like to eat shavings for bread."

Economists are divided; anthropologically... (let us mention anthropology) into: sober and serious (very rare genus); fanatics (for the most part caused by ignorance of history), and lunatics; (the latter also from lack of historical perspective, plus black ignorance of the acts and gestures of the two european revolutions, fascist and nazi), and into those who keep up *the* and increase the smoke-screen.

(Clearly we do not welcome some of these objects.) Some of the obfus cators act from laziness, others with intention. These people will not, do not wish to learn. They are terrified, which is partly understand-

108 E.

able, but their fear is partly born of incomprehension and ignorance.

Work-money is not, and never will be, subject to the same laws as
those which govern I) metallic money, 2) papermoney, issued against
gold, that is on a true gold basis, 3) money issued on a pseudo-gold
basis, or other fiction put across by the usurers. But the rascals and
falsifiers of any economy will always hunt up any means of swindling the
public, even to the point of creating fake work-money, which they would b
be able to manipulate in the same way that has already served anglo-
jewish, or Jewish-English usurers for centuries.

Their destiny is the "confino".## penal settlement,
## note.
islands or districts in which they could live normal lives.

But we implore honest men to be prudent. We have a powerful weapon in
work-money; we must not lose our heads. I would advise my learned col-
legues to leave decisions to those who have some knowledge of historical
perspective; who know that work-money was not invented yesterday.

Anatole France speaks of it in "Sur la Pierre Blanche",. Benjamin Frank-
lin had already postulated its possibility --- a form of it has already
functioned on Brazilian coffee plantations.

We must examine this method on an historical basis; Edouard
Drumont and Brooks Adams did so, and Jean Barral. The theorist without
historical knowledge is not always supplied with the necessary brakes,
Above all, a man lacking practical experience is deprived of certain
necessary defences against follies and of escape from snares set by the
not wholly candid.

Resistance to an improvement of the monetary regime remains in the
dark corners, which often gather thick ignorance.

109 F.

to
A known propensity to work had already served as a basis of
credit in the Pennsylvania colony before 1750.

Money on a basis of work functioned in Pennsylvania in connection
with direct knowledge of individual farmer or people about to cultivate
the soil and the real market for their products and the need of these pro-
ducts was geographically near the production.

The quantity of a nation's available work is constant, and develops
gradually with the increase of the population. The field-labourer
gets through his work each day and stops at sunset.

Necessities come from the fields; the superfluities, or goods not
absolutely needful, come from the workshops and manufactories.

One must begin from the fields to understand work-money properly
In fact, one must have a clear idea of what one means by work-money,
it was here that the Duce began the battle of the grain and land-improve-

ment.
Work done in the fields produces food; after a given time you can
emit money corresponding to goods and services,

All this is quite true. But perhaps a part of the money cor-
responding to services should be considered as credit and not money?

Prof. Coppola d'Anna uses his brains to think ahead on the lines
of controlled money. Alberto de Stefani writes of the "convertibility
of money" without gold", but I think he is reducing a fever, rather than
making a radical cure.

Money is exchanged for food, or develops or degenerates into
credit. Credit has two components, one noble, that is faith; and the
other prudence, i.e. patience, the game of waiting.

God sees into the heart. Moral values must exist in any sane econo-
my, but we mortals cannot always distinguish the candid man (pure-hearted)
from one lacking in candour. In the matter of economics I do not trust
neither the vehement nor the hyper- imaginative. I myself believe in a

IIo G

mixed economy, but I do not like the people who use the Duce's every
measured phrase as a hiding-place, or a means of returning to a
lecturer who gives the impression he is trying to hide either a truth, or
his own ignorance; they will not be interested in lectures which show
lack of understanding of the nature and implicatuation of ministerial decree
nor (in the year XX) show incomprehension of the relations between econ-
mic means and mechanisms with the corporative system. These relations
will not always be identical with the old ones that the same mechanisms
had, or have had, with the usurocratic system.

Interest on national bonds will be considered more and more as a
means to distribute purchasing-power, that is, a national dividend. And
without doubt this dividend ought to serve to stimulate all the intell-
ectual and physical activities useful to the State; and not create block
of anti-statal interests. A hundred thousand lire a year ought to be
enough for any scientist to guarantee any scientist the necessary free
time to serve the nation by his enlightened and illuminating efforts, that
is as his share of deriving directly from the said state dividend.
The merits of business concerns and limited liability companies would be
judged by the services rendered by those the constitutional organs. I
do not believe that a low interest is more useful than a moderate one,
and in this I run up against His Excellency de Stefani's proposals.

Anyone who has saved a thousand lire out of the fruits of his
physical, or even literary, work, in these years, deserves 50 lire per
annum, not only 30. To present reduction of interest as a reform, be
seems to me to hide a principle or truth, that the State does not need
to pay rent on its own property, or to borrow its own credit and pay in-
terest for it to private persons.

States have already lent their money and their credit. A differ-
ence exists between money or coin, and credit in the dimension, time.

footnote

III H

footnote E.P. has clearly defined usury as "a charge for the use of purchasing-power levied without regard to production, often without regard to the possibilities of production."

SAVINGS.

The discussion on stamp-scrip proposed years ago by Gesell and d'Avigliano, has been blocked by simple ignorance. Even the bankers who have heard about it, have not yet examined the idea in all its possible dimensions.

Stamp-scrip, as it was used in Woergl, is a paper money which requires a stamp stuck on it the first if every month, to the value of 1% of the denomination of the note.

Gesell proposed this form of money to remedy stagnation, and accelerate exchange. At Woergl the local money was used for lack of other means of exchange.

E.Rossoni understood immediately that the sale of the stamps would constitute a large income for the State. The advantage of such a tax is, that it falls only on the individual possessing cash a hundred times the value of the tax, at the moment when it comes due.

But at the present moment a third aspect of stamp-scrip needs the most serious attention. I mean, the cancellation of the money is a sure way to keep its purchasing power. And under the menace of inflation every just and suitable means to keep the lirs steady merits careful attention.

It is an economic law, not just a dogma, but fruit of experience that a nation or economic system which pays two rents ? (sets of interest) loses in respect to a nation or system paying only one.

Under the capitalist-usurocratic regime the people pay taxes to

II2 IJ.

the State, and interest to the usurers. But if the rent on the money be
paid to the State, that lessens the need for other taxes equal to the
value of the rent, or of the stamps to stick on the notes.

For centuries the expences of war have been paid by devaluation of
the currency, by diminishing the purchasing-power of the money. John
Adams was of opinion that this devaluation functioed as a tax on the
public, not equally distributed because producers and merchants could
accommodate their pricesto the current value of the money. The man with
a salary or fixed income could not do so.

Orientamenti 2(8)

Ezra Pound

In the autumn of 1935 I received from the publisher Stanley Nott of London the volume "Jefferson and/or Mussolini of Ezra Pound, having sub-title

"The statal Idea- Fascism as I have seen it"
on the back of the title -page

Following the frontispiece I found the following lines in April 1935, anno XIII, finally a foreword

The bodyof this M.S. was written and left my hands in February 1933. 40 publishers have refused it. No typescript of mine has been read by so many people or brought me a more interesting correspondence. It is here printed verbatim, unaltered. I had not seen the M.S. from the time it left Rapallo till it returned here with the galley proof. It is printed as record of what I saw in February 1933. The September preface (1933) indicated a flutter of hope, that has grown steadily more fluttery and less hopeful.

E.P., Rapallo, April, XIII.

It is enough to read the first two pages of the volume to understand how a book by Ezra Pound came to wander for two years and a half among the "readers" of 40 publishers before seeing the light. Pound is a friend and admirer of Italy and Mussolini. And as though that were not enough he has the inveterate bad habit of saying what he thinks even to the great of the earth. Incomprehension, ignorance and spite have tried to mangle him, and the five years that have passed since this typescript began its travels have served very little to enlighten the literate or those who review

for mercenary reasons, as one can see by a critique of
Pound's latest book--Guide to Culture-- appearing in the English paper
Midland Daily Telegraph of 26 August ult.

The reviewer signs himself "Bookmark" and says:" Mr.Pound is probably the most important poet writing in our language to-day, and when one of the major poet sets out( the title of the article is:Mr.Pound on the war-path)

### O. 3 (9)

to furnish a guide to the younger generation in combative and lively prose, † presenting his ideas on all the subjects that his experience in art and life permit him to treat of, we may expect a very interesting book.

" Neither does Mr. Pound delude himself. He explores wide horizons: hi his book contains, among other things, much wisdom and also a little of the opposite... on philosophy, economy, culture, poetry, prose, religion, art, sculpture, anthropology, finance, politics... This book will attain its end at least for two of its aims: in giving the reader a shove towards thinking for himself and opening his eyes to a part of the treasures of science and beauty that Mr. Pound has accumulated to himself during his life"

After these recognitions the reviewer, for the opinions of the Master which he does not agree with, ought logically to show at least a deference: instead of which like all the usual happy ignoramuses, "Bookmark"opines: " then follows the monstrous contradiction of the whole book-- the cult (the English word is: worship) of the author for Mussolini, the Dictator, the grotesque product of a nation's inferiority complex" And it is easy, according to him, to confute the opinions of Pound by his own words: "The best government, he (Pound) says, is that which employs the highest intelligence in the nation. Nevertheless how much of the best Italian brains are now languishing in the most desert islands of the Mediterraneo?"

And would you like to see to what heights
sectarian blindness can climb?
When Pound wrote asking him simply
give
to name some names, he answered: Giovanni Gentile, modern Robinson Crusoe
is living on
on the island let us say, of Kimaro! Let
us hope that by good conduct if he conducts himself well, they will move
behaves
him onto Levita, where he will have at least the company of the light-
house-keeper! One must admit that those Egean islands of ours are very us
useful.

3.4 (IO)

In no. 27 of Broletto, in the rubric "communications service" I noted in a pseudo-scientific novelette english, an array of ingenuous idiocies on the life in fascist Italy under Mussolini. In the following number an englishman living in Italy with his eyes open, John Drummond, no being unable to contradict me, told me that " to any englishman knowing Italy it would be evident that the Author is incapable of understanding italian culture. Being ignorant of everything Italian, he is deceived by the anti-italian propaganda out in England ( which we hope is nearing an end) and in addition is encouraged to repeat it in his book for readers as ignorant as he is." These are the sons of those who bought ..for their weight in gold, as holy relics, the wisps of straw on which the cruel Italians made the successor of major Piero sleep.

publisher

Meanwhile this kind of idiocy finds an editor and readers while the truth that a man like Pound wishes to print in his own language finds a publisher only after two and a half years . And it cant be said ,as some malignant person might insinuate who doesn't know the work and worth of the Poet and economist, that it was the name of the Author worth little on the market of little value because, even not wishing count the testimony of Bookmark", while the leaves of this typescript unfortunate were being frittered away by the inquisitorial fingers of the

, five other volumes of prose and verse found publishers and readers.

Pound is pig-headed persistent, and for ten years has insisted
on trying to get into the hard skulls of those who read his
english, that the Duce's politics are constructive, but as the press
is free in those countries, an american magazine of wide circulation,
on starting an english edition, has suspended publication of his articles,
Hemingway's collaboration bringing in better returns...that fantastic
calumniator of Italy. . The presence of articles by Pound would have excluded the magazine

## 0. 4 (II)

kept the magazine off the station bookstalls, monopoly of W.H.Smith and So Sons. It is necessary to add that renouncing this collaboration means a

luxury for Pound, treating as it does of a magazine which re munerates Erskine Caldwell at the rate of 2000( two Thousand) dollars for a longish story.

Anyhow Pound is always the Poet who, according to the second XIV edition of the Enciclopedia Britannica so popular in english-speaking countries, has written "tuneful melodies in free verse", so that those who wish to use their heads effectively should listen rather more often to his voice, might even ask themselves some day if all the anti-italian propaganda is 18 carat gold, if the professors who went to Downing Street, crossing the London streets in

to convince Chamberlain not to treat with the authoritarian states, are s persuade serious characters or only sad bluffers, or whether it is not better to trust to a high great cleverness accompanied by a fearless conscience.

high intelligence a

It would be a good thing also if Italy

too if a little more curiosity were aroused in Italy for the work of this Poet and economist, not always easy to handle because of his passion for calling a spade a spade. In an article of his appearing these days in a volume called Europea Fascista compiled by Erminio Turcotti, he says that only "since 1935 have the Italians stopped calling me extravagant, because I considered the English press as the greatest disburser of lies that the world has ever known."

### Ezra Pound.

From the newspaper cuttings coming to our table that very few people are aware of the story and Ezra Pound's story and background We almost expect the usual someone who affirms that our Ezra is a jew like Solomon or Moses. How can we explain that his name is different and his

0. 5 (I2)

that both his front name and the family one are different/ and that Pound
is not t/ just another new arrival. % Let us take a few lines from
the "Belvedere" review, March 1931 from an article by Francesco Monotti
scraps which may serve our purpose very well. Monotti himself as student
and translatorisnt just anybody; nor has the interview of ten years ago
lost its flavour. He ,in 1931, wrote in an interview with Pound:

Ezra Pound, undoubtedly the greatest living american poet,
is gifted with a prodigious activity. AS well as his many volumes of verse
, from "A Lume Spento" published in 1903, when he was barely twenty up to
"Quia Pauper Amavi" he has written a great number of books of stories
criticsm, studies on the most disparate subjects, an opera,"a song-drama "
given in Paris in 1926. He has also been chief element in the formation
vortuoisthoard integrat,artistic which have been famous as and influence
vorticists and imagists. T.S.Eliot and James Joyce are among the best-
known writers who owe to him their first recogniti n and the push bringing
them into the light

LIBERTY AND DUTY

The American public is an ass. It has spent at least ten billions of dollars to finance this anglo-jewish war against the Axis without knowing it, that is, without knowing how or when. It has done it blindly, and perhaps still incapable of seeing how it has been deprived of so much purchasing power and *gixxer* it into the hands of the gold-merchants, and how these latter have used the billions to finance munition factories, to speculate on raw materials whose prices increase in proportion to the scarcity produced by sabotage. War is the maximum sabotage.

American Big Business is in bad faith, because it believesthat a sane, clean monetary system damages business; whereas such a system favors and develops business.

Jefferson, Adams, Van Buren knew this. Voltaire was also convinced of this truth, as was Kao Tseu, founder of the Tang dynasty in the six hundreds A. D.

I repeat: Big Business is a stupendous ass. "Utilities" (so-called public services in the U. S.) are even worse asses, and stupid. To have a quarter of a pound of butter they lose thirty pounds, and think themselves conservative. They lament that a change to an intelligent economy would deprive them of individual liberty.

Half a century ago Zephaniah Swift Spaulding brought Machiavelli's idea of cycles up to date, saying: "First the gold, then the *kexx* jews, then the hell of a war in the place where the jews are not."

We have recently seen the Hambro case, not to be always naming Rothschild, Wiseman, Kahn, Sieff, etc. Gold left Norway, and leaves any place where there is danger of fighting; and the insurers follow it, hoping to impose a tax (interest) on all the victims of the destruction for every shell bought, or for every penny "lent" toward reconstruction.

O. 6I (75)

Liberty and Duty.

The American public is an ass. It has spent at least ten billions
anglo-jewish
of dollars to finance this war against the Axis, without
knowing it, that is without knowing how or when. It has done it blind-
ly, and is perhaps still incapable of seeing how it has been deprived of
so much purchasing power, and given it into the hands of the gold- mer-
chants and how these latter have used the millions to finance munition-
factories, to speculate on all the raw material markets, whose prices
augment in proportion to the scarcity produced by sabotage. War is the
maximum sabotage.

American Big Business is in bad faith, because they think that
a sane, clean monetary system damages business, instead of which such a
system favours it and develops it.

Jefferson, Adams, Van Buren already knew this. Voltaire was convinced of this truth as was Kao Tseu, founder of the Tang dynasty, in the six hundreds, 1,000 a.d.

I repeat: Big Business is a stupendous ass. "Utilities" (So-called public services) are worse, and also clever. To have a quarter of a pound of butter, they lose thirty pounds, and think themselves an conservative. They lament lest a change to intelligent economy should deprive them of individual liberty.

Half a century ago Zephaniah Swift Spaulding brought Macha-
velli's idea of cycles up to date, saying: "First the gold, then the jew-
then the hell of a war in the place where the jews are not".

WE have recently seen the Hambro case, not to be always the
naming of the Rothschilds, Wisemans, Kahn, Sieff etc.. Gold left Norway and
there is danger of fighting everywhere, the insurers follow it, hoping to
impose a tax( interest) on all the victims of the destruction, for every
shell bought, or every penny "lent" towards reconstruction.

0. 62 (76)

And Churchill works for this scum of the earth, as Churchill have
have
always worked and their unconscious peers (like)

It would be almost be giving Churchill unmerited praise to call him unaware
(unconscious): he belongs to an inferior species of animal; it would be time
lost to talk to him of ethics and such things.

Big Business is not ethical. Big Business men consider anyone intro-
ducing an ethical concept into business as being weak-minded and sentimental.
It does not follow that a good business man, not such as let us say, Selfridge
does not have a code of his own, with rites, ceremonies and precepts which
he adheres to rigidly. You must not bring too much pressure to bear. Having
bought cheap, low the public should not be taken advantage of except ??
by indirect means.

But this is not done for ethical reasons, but because it does not pay
Honesty is not considered sub specie aeternitas, nor from an ethical point
of view, but only considered only as cleverness.

And in Italy a well-known industrialist was esteemed in his youth
as a man clever to the point, it was said, of having been honest. (" Clever
enough EVEN to be honest")

Churchill's strength in England comes from the fact that he is not
responsible for that country's weakness. I remember in 1908 seeing "we want
eight" written on the London pavements, meaning eight battle-ships. Church
hill's ideal was, and is, the maximum efficacious brutality, to impose the
MAXIMUM INJUSTICE, and then to seat his big bum on top.

But the unfortunate victims should understand, in their own inter-
est, and remember again and again, Spaulding's saying, when he proclaimed "It
does not matter a damn whether the central figure in London is betraying the
U.S.A. people( as in 1863) on a central in New York betrays the English,
Welsh and Scotch. " The usurpers' gang stays the same, perfidious, unchange-
able and a stink. Whether called Ikleneimer, Sherman, Rothschild,

O. 63 (77)

and mechanism
or Lazard, Sieff, Kuhn Loeb and Baruch. The plot remaining the same, and will
remain until the peoples see through it and shake it off.
pull down

Meanwhile the old luetic world begins to vacillate. In Nov. 1940, the
Duke of Bedford wrote and published " Unless England cancels (???) the
national debt, she will be unable to pull herself together after this war.
(???)
In any sane system the State would reserve for its own use any money part of
the money created each year, without having recourse to debt (I.E. interest)
The State would not borrow money from private persons, and only superfluous
money would be gathered in by taxes, to prevent inflation."

A representative of the small english farmers sent out a manifesto
"No taxes before the crops harvest."

NOTE: This phrase should be taken in connection with conditions in
India, where the peasants are obliged to borrow money from the usurers to pay
in the taxes, payable before the harvest.

How many times have I heard the prase "finance the crops", "you
must finance the crops".

The same manifesto says: " possess, use", meaning that the right to
property involves the capacity and the duty to utilize it.

touches
This manifestocomes near to the fascist social idea.

The voice of Senator Frazier comes from America, naturally with a
neglect
time-lag of several months, due to the carelessness (??trascbatezza) dilatory
(not to use a more violent word) of the U.S.A. government, which has lain down
and permitted the english
'n

steal the american place (the nation calling itself neutral, through deep ignorance, favouring the London tyranny of usurers), nevertheless Senator of North Dakota 's words reach me by way of Japan-Siberia.

" In view of the fact that the new money issued without payment of interest by the system of work-hours, proposed by (??for) the New Europe, allows them (I/// i.e. the Axis) to pay the same wages that we pay to give their citizens the same standard of living

0. 64 (78)

that we enjoy, and to sell their goods at 25% (twenty five per cent)
lower than we South Americans,

I" In view of the fact that by the new interestless, labour-hour, money system proposed for "New Europe" they can pay the same wages we do, give their subjects the same standard of living we enjoy, and undersell us 25% in South America, it behooves us to get a new streamlined Monetary system instead of our barbaric present system which antedates Julius Caesar".

Apropos

Representative

signed) Lonn J., Frazier".

the accusation of Deputy

Tinkham that not only the Pre-

sident but the american congress has betrayed the nation, secret and progressive betrayal, we come to (up against) a radical and dangerous problem.

Let us conjecture: When a State official, let us say a president, the supreme magistrates wears fealty to his nation ( in a particular case for the third time) if he does not keep this oath, is the citizen relieved or not, of his personal oath?

limits

Let us also suppose that the magistrature has certain well-defined
by the constitution, then let us remember that Cromwell never would accept
kingship, not perhaps through modesty, but clearly declaring because the
power of the King of England was defined and limited (circumscribed), while
the a "Protector"'s power was limited by no law. .
delicate

I am not introducing this thorny subject
I quote from an unknown source, but
I report an observation formed in the state of North Dakota (province of the above-named Frazier). I do not know to what point the movement backing this manifesto has got. I have only the text which begins:

WE the people of North Dakota, give warning that we intend to break
(rescind) the contract ... between ourselves and the Union and the Congress
of the United States, by which the said Congress shall be the sole monetary
authority of the U.S.A. (article I, section 8, clause 5 of the Constitution)"

["0. 65 (79)", "The manifesto goes on to cite the text of the Constitution, arguing that since the congress has not held to the pact, the state of North Dakota intends to issue its own money and not pay any interest to private banks and other states are invited to follow along this road. Ideologically it seems perfectly clearly expressed. It hitches up to measures proposed in the national congress by Voorhis, or in the Senate some years ago by Bankhead. The subject of the manifesto is quite clear, but it is impossible to see from the manner in which it is printed, what forces uphold this programme.", "These quotations are indicative of new thought by the minorities, but human dignity is upheld by minorities. In England these groups are probably less numerous than Mosley's, whose party received let us say, chancing election I50 votes against the sea of mud of 15,000, risking candidates at the polls. Italy would do well not to expect immediate, rapid action through these groups. They are symptoms, but England beaten by the profiteers (profiteer-England beaten?) any kind of life will emerge only from these groups. The true farmer asks " what on earth the city people are doing , while we are growing a bushel of wheat, they mostly arent even making a chair or a pair of braces\".", "As to the majorities, the pictures in the american press which accompany this article show up a condition (state of affairs) which the english papers , lower but more cautious, hide better. Impartiality is proclaimed thus: \"Our readers get both sides of current opinion\". One column curses out Wilkie, the second proclaims Roosevelt will get us only into war, and that Wilkie can save us. Impartiality? Yes, indeed. IN Through all the recent election fight, the republican party has never denounced any of Roosevelt's defects, but only his merits, and never a word in touching either column of the real evils (reati) (sins), the tricks, the surprises"]

0. 66 (79)
of the monetary system, or any problem threatening the monopoly
or interests of the masters, whose hand appears showson the back page, Blum-
stein. Whoever pays a full page of advertizing controls the paper. and no en-
glish or american paper escapes this (tyranny ~~unlucky. and never will, until~~
the Bank of England is annihilated, and the breed of the Montague Normans
rejected
thrown out from the human race. The problem is more difficult for the States
because the infamy, or roots of the infamy, are less concentrated in a
so few hands. The incompetence of these peoples under the weight of usur-
ocracy seems infinite.

( gathering together? )

herself
Italy has been renewed under the sign of the "Littorio"
groups dants
Our revolution arose by means of committees of correspondance, spread over
the country. In 1776 small groups wrote each other letters, to which if there
was no group, single persons answered. Would it be possible to-day to find
six americans ready to maintain a correspondance, or six english among the
seventy- seven varities of "Reformer", to who ~~would~~ would get together once a
and wasting ion ov instead of
week, without discussing a hundred details of a programme, and not simply
find themselves in agreement that the life of their country should go on.?

There are not ten people in the United States or England who
have understood the meaning of the master-word: Fascio. ( Fascism)

binding together"

0. 21 (37)

ANTIFASCIST.

In Italy, in the year XVIII, they are antifascist through pure ignorance and simple lack of culture: others consciously by snobbish. The blacksmith's son is not a chemist's son, nor a merchant, nor a nephew of the exchange man: and Villiers de l'Isle Adam said once with nostalgia for the far away 18th century: "Live! our servants do it for us!" take this to

He used to lead a live lobster in the Bois de Boulogne on a pale green satin lead. The lobster proceeded slowly, but the good Villiers sang its merits as against a tiresome dog, "it doesn't smell or make a noise". squirrel-headed

Half a century later the microcefalous Marcel Proust, was describing minutely but with style the rancid gorgonzola of a passing epoch. synthetic style, of the symbolists X, Y, Z, and Henry James re-chewwd.

An awareness of the historical process demands greater knowledge; and to conclude, without a knowledge of history, one cannot apprappreciate Fascism. The subject belongs in the main to Kulturmorphology, it is a vortex(and how,) but impressionism deals with the foam.

I have had to await the arrival of the Director of Meridiano to publish (print) a sentence I wrote ten years ago.

Italy to-day (I first said it in the year VIII or IX) lives in three epochs;

1. II Duce and his circle of technicians live in to-day and to-morrow;

2. too many writers live in 1890

3. and a few cliques in 1860.

Even in XVII a roman Director said: "Unfortunately we cannot publish anything so delightfully antidemocratic and pro-fascist."

For several years american publishers have been offering me money to write an "autobiography", i.e. precisely NOT what my life has

0. 22 (38)

NOT been since the year 1924. They suppose that one, or two little move-
ments artistic-literary, had already in existence before the 1914 war and
both
three years in Paris, have exhausted me and the possibilities of me and
my epoch. I do not think so. They would like

Literature must end with Arthur Symons"pink pigs blossoming
on the hillside", the delicately blended canvases of Monet, or with
J.Joyce's ideas being absorbed before leaving Ireland, or with
the nebulous mysticism brought to Rapallo by Yeats.

"The Celtic Twilight of Picasso" would have been a paying title, and yet it was not very good in its original form. However, the political perceptions of Lord Byron, only now returning to the surface. Shelley also. All this was mostly hidden to the I880s. And yet it was a great book at the time of its publication.

I sign myself: "a Mazzini in search of a Cavour", but
assuming that Mazzini did not have the good sense to appreciate Cavour
as I can now, " in the light, etc., of the past"

The American, after he had cut down the woods, opened up forests,
built railways across to the Pacific Ocean, dedicated himself to cul-
ture and the arts. The immediate forebears, fathers of our fathers, carried a pianoforte to St. Louis or Wisconsin. One of them in 1770,
wrote greek verse. Etc..

George Santayana told me that the best poets of his generation in
New England" just died because they couldn't stand it"the physically un-
bearable atmosphere. The more active carried away their "penates" (im-
material), H. James and Whistler were the most rebellious spirits of
their age. The first right of any human quality is to survive, not to
be overcome. After the expulsion of Andrew Johnson and the impeachment
of the U.S. remained in the dark (in obscurity?) A man made his escape
but I do not admit the idea that we accepted enterranean or
defeat of America an occasional

O. 23 (39)

The ground was occupied by the squallid army of usurocracy took possession. We rebelled, but the analysis took time. One cannot say H.J. w was unaware of it, nor even that the desolation of H.Adamswas entirely useless. They both felt something was wrong. The laboratory did not exist. It had to be built up.

French processes had to be adopted. Neither Liebig nor Pasteur can be ignored. It was necessary to recommence historiography when needed looking at again, and the works of John Adams and Salmasius.

There are gaps. Aristotle confronted the constitutions of the greek states, etc. :well, I tell you that the American system, that of John Adams, is worth resuscitation,[1] for and in the U.S. It is not your system, which is totally incomprehensible to the U.S. of to-day. But that does not mean that that they don't both belong to the historic process, and as I see it, the same to you! process. Speaking of yours, one must remember a last century's distinction, at least 150 years old, the distinction between "democratic" and republican". Democratic and republican. Both words had a meaning (significance) The first fallen into meaning mercantilism and usurocracy, is now defamatory in the greater part of Europe. If you care to translate the second by the word to a clearer "statale", we shall get to an understanding it seems to me The republican party was a party for the State. The Italian idea of the State can with some truth (reason) and from some points of view, be translated " the republican idea", when you are talking to americans.

detreriorated

That the republican party has fallen in America: become the bankers party, of the "Eastern idea of money", the money mania of Wall Street is another affair, an unpleasant example of the change and degeneration of verbal connotation. We must preclude a desire to give a decent and organic meaning to the "idea". It is no longer the iron will which has given back to the adjective "italian" a different sense from "ice-creamers."

0. 26 (42)

of Sieff and such a sum of the period. And after these struggles we waited in confusion and black darkness until the coming of the genius of Italian fascism.

To you Italians this will seem a simple phrase, but I assure you that when I say this having said this, I shall receive many letters from my compatriots, telling me I am "plumb crazy". Because my compatriots are ignorant, superficial, etc. etc.

The books used in the american universities have some value. One can at least study the fog. Going back to the original documents and the opinions of the originators of all that was valid (if valuable) in the republican system of the U.S., one finds a gleam of light.

John Adams knew what money was quite well. He knew the effects of paper-money. He knew that nearly every curative medicine can poison if wrongly used etc.. Jefferson also knew that a nation had to make a loan to private persons for the credit of the nation, and still less should it pay a tax to financiers of another race living abroad.

By the phrase "pay rent on its own credit" I mean that a nation ought not to pay a tribute, (tax) of interest to strangers for the privilege of rights, exchange goods inside its own frontiers, or before Harry can be paid by Bill for work done; before the farmer can sell grain and receive cloth.

A mature man looking through books of the so-called orthodox economy, is surprised to see the staff fed to young students, the treatises on finance and economy which do not begin with a definition of money. Yes, some of them are right, but my friends, the most orthodox accepted and honoured in all the countries of the world.

Dewey begins with a definition of finance, but not of money (D.R.Dewey: Financial History of the United States). The student is unsuspecting, but in any case he has to know the answer printed in text.

Only about page 136, 144 one begins to sense the opinion of the "impartial" author and towards pages 246, 255, 279, does one see if it becomes

>. 104 (III)

Saving.

The discussion on stamp-scrip (?? affrancabile, e prescritibile??) proposed years ago by Gesell and d' Avigliano, has been blocked for a time by the reason of simple ignorance. Even the bankers who have heard about it, the idea that have not yet examined it in all its possible dimensions.

Stamp-scrip, as it was used in Wörgl, is a paper money onto which it is necessary to stick a stamp the first of every month, of the value of 1% of the denomination of the bill.

Gesell proposed this form of money as a remedy to stagnation, and to accelerate exchange. At Wörgl the local money was used for lack of other means of exchange.

E. Rossoni understood immediately that at the sale of the stamps would constitute a large intake for the State. The advantage consists in the fact that, if such a tax falls only on the individual, it comes to the value of the tax, at the moment when it falls due.

But at the present moment, the third aspect of stamp-scrip needs more (attention) than the others. I mean, the cancellation of the money is a sure way to keep (defend/) its purchasing power. And under the menace of inflation, every just and suitable means to keep the price steady (?? difendere) merits careful attention.

It is an economic law not just a doctrine (? dogma), but fruit of experience, that a nation or economic system which pays two rents (??interest) loses in respect to a nation or system paying only one.

Under the capitalist-usurocratic regime the people pay taxes to the State, and interest to the usurers. But if the rent be paid on the money to the State, that lessens the need for other taxes equal to the value of the rent, or the value of the stamps to stick on the bills (?? tickets).

For centuries the expences of war have been paid by devaluation of the money, by diminishing the purchasing power of the money. John Adams

0 105 (II2)

was of opinion that this devaluation functioned as a tax on the public, not equally distributed because producers and merchants could suit their prices to the current value of the money. The salaried man [man with a fixed salary] or fixed income, could not do so.

Devaluation of money comes about when the money does not represent, [no longer] or is not exchangeable for, desired (wanted) goods. Wise laws can fight against these tendencies, or this gravitation, but the tendency exists, and is demonstrated everywhere where the market or sale is not controlled. The [delay/progation] of purchasing power is only another form of limiting this power; even if it is partially compensated (for example, by interest on loans).

The shares(??buoni) of the loans do not diminish the government's debt to the public, they even increase it. (in fact they...)

On the contrary, stamp-scrip cancels itself in one hundred months, or brings in to the State an amount equal to its nominal value. That is, 1% per month, =12% a year, or 100% in eight years and four months.

In comparison with shares at 5%, this system gives the State an advantage of 17% per annum.

This is not to be despised in difficult times. A new heresy has been talked of in certain countries, which is that the State can spend without limit. The State cannot spend that which does not exist. The State cannot issue certificates of debt (state) with only a limited only by the government's good sense, but can also go into bankruptcy, and I [mean] not a bankruptcy on paper, (??contabilità), but a factual one.

Saving becomes a simple illusion when it is reduced to nothing but a ticket for non-existent goods, of which will not be produced within the time-limit printed on the tickets of the (?? buoni del tesoro?) Treasury bonds.

I do not despise saving. True saving is limited to the value of existing merchandize, and non-existent goods; and the plant. Other than this, saving becomes illusion or leads to slavery.

Every credit, every certificate of credit is limited by the good will

106 (II3)

(?sincerity??, buona volontà) of the people issuing it, by the discipline or
character of the contracting parties people. To promise all the goods about
to be produced during the coming hundred years, is to hand over your sons and
grandsons to the mercy of the creditors, as who should say create a slavery.
is possible
There can be no exaggeration on this point. Even should it be done, as in
England of to-day, with the fairly obvious intention to defraud and fail of
obligations assumed. (venir meno?)

J. 107 (113)

2.

just
proportion can be kept between available money
between the goods and services, by issuing stamp-scrip in carefully calculated proportion to the habitual money of permanent value.

In abnormal times inflation could be warded off without hurting anybody, by paying half the salaries, and nearly all the other State expenditures, in stamp-scrip; This would leave no debt after the eight years and four months.

All the issue of stamp-scrip cancels itself in one hundred months; or it brings into the treasury an amount equal to its nominal value.

The quantity of money in circulation is not eternally increased in augment.
I believe the instindive objections to these proposals at first sight have received clear answer through experience. The merchant says: But any one who wishes to buy towards the end of the month, or on the last day, would be obliged to pay (?? costretto dai venditori a pagare con uno sconto??)

I) This would in no way damage the Staet, and in no way impede (pre-
vent) the cancellation of the money.
those

in undue exaggeration) on this possibility.

3) competition between one shop and another would operate in the fut-
ture as in the past.

And who can say to-day that a shopkeeper does not make a profit of
more than 1% on his sales? and except in times of shortage, does not prefer a
sale to no sale?

At Wörgl, the village money was at once accepted in the neighbour-
ing villages, where the shopkeepers preferred to sell rather than see their
clients go to Wörgl to spend.

Where the bank windows act (function) for the State, the stamp-scrip
handed in, either circulates or can be considered withdrawn from circulation
put by as savings (??messa in risparmio). This phase of the problem is not
to be taken lightly. The banks would not give interest on stamp scrip.

0).108 (II4)

but the banks collaborating with the State, could very well credit it to their clients' account.

words

Useless to suppose Jeffrey Mark's phrase (sentence) on the usurocratic system can always be true in the new Europe. Mark said;" we are always insurers". But the game of being an usurer against oneself is not satisfactory(?? non giova). It is a contradiction in terms in a totalitarian regime, or in any system conducing to the benefit of the public good.

3.

So that stamp-scrip would be legal tender until the end of each month, and after the beginning of each successive month with the stamp at 1%.

Should anyone try to impose a discount (?? sconto) during the last hours of each month, this would be like any other black market operation; but the black market ~~always has~~ the (conventionally) always up against the legitimate market, and this (rivalry) has a healthy effect. Nobody is obliged to market blackly. And in any case as to inflation this objection cannot be upheld.

Gesell has already answered this point, (?? per) about the merchantile aspect of the problem, which seems to me at this moment of less importance. It is the protection of the defence of the lira we must consider at the moment.. The question is," can stamp-scrip ~~as part~~ of the national money be of use in defending the purchasing power of the lira?" This is the question that ought to interest us.

If it can be useful, ~~are we~~ is the moment ripe, or are we ready to apply it, or at least to study all the advantages of such a system of defence?

protection

The issue of new loans would undoubtedly increase the (cifra) taxes; by having to pay interest on the public debt

The issue of state or bank money (biglietti) increases the quantity of money in the hands of the public, which might become disproportionated to the quantity of available goods, if it is not already so.

Stamp-scrip seems to me to offer an authentic means of escape through an outlet(??)

O. I09 (II5)

Wallace.

The strength of a nation is inside itself. The weakness of a nation is inside itself.

The human impediments chosen by the (talmudic) enemy to destroy any nation or state organization, are of three kinds:

1. ambitions out of all proportion, deprived of scruples, even perhaps of any capacity to make ethical distinctions, i.e., to distinguish between good and bad, true and false.

2. hundred per cent dirt, the absolute Merde(?? sterk) filth easy to deqieve and pervert

3. sympathetic types, "good chaps" (de)sciable and pervertible, like Henry Wallace.

These latter put our suspicion to sleep. Wallace admits having made a mistake in reducing the agricultural production; to make a mistake in approving international loans; and then in having made a list of peace conditions, based on (?addita) a return to gold. Which the absolute scum lowest of the low(??canaglia). Had denied for twenty years that he aims of the plot against Europe.

In the democracies, young representatives are shoving up precisely because they are judged capable of following the piper(??incanto). I know one who, after having introduced several honest measures, introduced one with the apparent intention of reducing Roosevelt's illegal power, instead of which he was betraying his legislative mandate. And I believe the young representative was entirely unconscious and innocent.

The old foxes say: "yes, yes, these measures are introduced to please the electorate. They do not become law. We dont trouble ourselves to read such proposals."

As to the first category. What is pathological in adult men, seems to me a state of mind fairly frequent among boys of seven to ten years, at least in countries lacking true ethical teaching, and under

J. II.0. (II6)

I.e.
protestant, judaized instruction, liberaloid, greatly over-individualized

A boy from Trenton, New Jersey told me that he and a friend used to play a game called "Emperor of the World". One should study the career of careerists. The making up to 1/2 the types easily deceived, the choice of Wallace, most interesting.

Perhaps the only (counter-measure) efficacious would be an economic-financial education.

P. Aletino in an article "Cavour against Rothschild" (Regime Fascista) merits praise. Cavour resisting a judaic effort to corrupt him, learned the nature of the attack. He wished to free Piemonte from the Rothschild dominion (power?). This was a notable step towards Italy's liberty. Cavour first went to another bank.

Italian finance has registered a second, very important step, with the Casa Littoria Loan. The treasury tried to distribute the loan among the greatest number of holders. (? acquirenti)

Private saving, the possession of state bonds, if an individual holds more than half a million lire's worth, the treasury should automatically provide a number of moderate incomes(???). It provides old-age insurance to a certain number of citizens. These incomes imply a certain quantity of work obligatory work on the part of non-possessors. (? have-nots??).

But in any social organization which wants to overcome (progress from?) primitive agricultural conditions, a certain percentage of the population must be allowed time sufficient free for state business, and for intellectual experiments likely to contribute to the national well-being, and to lift the cultural level.

But the state has no need to borrow money. The state can lend money.
Cavour does not seem to have known this fact, or else to have considered it
unsuitable at the moment
(?? fuori tempo). Perhaps it is still above the popular level. Nevertheless
the state can lend. And it is only because of the general ignorance of the
? ahead of the times

O. III. (117)
nature of money that keeps the reasons and means hidden.

Money is an exchangeable title against goods. Money becomes "autarchic" when one hundred per cent, that is, indicates complete "autarchia", self-sufficiency, when one can buy all the goods necessary for the national life with the said money, including oil, and fats, (peanuts) grain, metals necessary for commerce. Gold and silver are among the nearly useless metals. Even for table spoons and forks, other new metals can be used without giving an unpleasant taste to the food. Silver would be more useful than gold.

One
The nation's ability to lend its own (??titoli) must not be exaggerated but it can, and seems to me
might mitigate or moderate the tendencies to form and anonymous new huge estates( latifondi?? e anonime??).

One should understand very clearly the social use of little "independences", that is, moderate incomes which give up to qualified (competent) men, in the opportunity for protracted and continuous work, without interruption, with certain aims, such as scientific investigation and artistic and literary creation.

ancient

I repeat, that the old system of the "nine fields" established a proportionate measure between (rendita) harvest members of the governing classes. (for the crops grown)

One could take from 10 to 12 per cent, but not more, to uphold the intellectual structure and governing of the nation.

a measure for the distribution of the crops grown, between the direct producers and the governing classes.

In a modern monetary economy the purchasing power (implicit in the money) ought not to be distributed in such a manner as to violate this proportion too much. Beyond a certain point -

And the power of the state to lend to private persons should intrinsically manifest itself every time some contingency threatens a violation of the just proportion.

0). II2 (II8)

The regulating instrument might very well be stamp-scrip issued by the com-
petent state organs. I would say, by the treasury controlled by the produc-
tive corporations. The control would consist in calculating the quantity of
sure production, and not permitting the issue of scrip (?biglietti) to exceed
the quantity of these goods.

Wallace knows enough theoretic economy not to believe that gold is
necessary to the well-being of the world, or the judaized States of North America.

In England and the U.S.A. one finds a respectable number of men who
been saying
have said, for the last twenty years, that the monopolists would make, or were
trying to create a war for gold and the monopolizable metals.

The aim of
not to have

These monopolies, of gold, of nickel etc., is the subjugation of
the world, and in this desire to subjugate no ideal whatever comes in
of economic justice for political not to have

We ought to be beyond the necessity to proclaim such things. But
the weakness on our side is in the fact that in Europe still holds (har
bours??) inhabitants not yet educated in money matters.

The old egotisms and ancient habits still lead to the formation
huge ways of spreading (??) (allagamenti) over-running
of new estates, or to new kinds of widening of the purchasing power.

The communists are like the militi in the time of Mencius only worse; they do not take measures to allow for the progress of humanity.
Europe would never accept the idea that man is inferior to the machinery he has created. Nor that he should become a slave to the machine. Still less that he should become a slave to a monetary concept (strumento) , created by himself, that is a "numismata" , coming from habit and not nature.
permit
slack attention ones attention to slacken// on the way in which it serves, even during a summer afternoon. And behind the money which is a

Interest on money is useful, but so subtly that one must never let
slack attention ones attention to slacken// on the way in which it serves,
even during a summer afternoon. And behind the money which is a
" "
claim, the reality remains of the productivity and consumption.
"

"Gain does not serve the state. money (?lucri) does not serve
the state.

ean on

II3 (II9)

are what benefit the state.
Circulation and exchange of goods and justice,

A proposition is announced from the U.S.A. which is either dia-
bolic, stupid, or plain perverted, i.e., to pay the workers[ mostly (for the
greater part) in bonds (??buoni) (interest-bearing) instead of money. The
rooseveltians will do all they can to create a lasting slavery in America.
how to handle ?? have no use for??
The Jews don't know what to do with stamp-scrip. (non sanno che fare)

The proposal to pay the workers with interest-bearing bonds
should be entitled " new method of making chains. "The political economy of
the Morganthau-Roosevelt pack presents two phases. It empties the American
people of their purchasing power, buying gold with dollars.
mild draw
? and buys

They propose a thirty years' war to extract (? vuotare) ??/??
Europe's purchasing power, obliging her to accept[less metal.

O. II4 (II9)

Anglo-Israel.

The christian church is not a branch of international finance, or historically was not so. In Europe religion was poisoned at the beginning of the previous era by a judaic infection, but it was not only this infection. Protestantism, with the wide diffusion of the old testament, reenforced the poison. In the paraphrase of the story of Genesis it is written:" The gods (plural) created heaven and earth, then IVH the jew boy came saying: get the hell out of here! I made it. "

And so on, several times. The neo-catholic politicians (?? politicanti) are deposed mistaken. They are partial to (??accareezare) getting judaism without plumbing its depth, without going to the bottom of it. The propaganda for anglo-israel was already being spread in America forty years ago.. I remember a neat (?? vispa) little, old english woman, influenced by several propagandas; prevention of cruelty to animals, brahminical hygiene, etc.. She was soaked in anglo-israelite terminology." Jeremiah the branch, the young person who transported the stone of Scone into Scotland, now in Westminster Abbey, the true stone on which Jacob dreamed, etc."

It was amusing, like the Piazzi-Smith's calculations about the Great Pyramid, until a bloke (tizio) made analogous calculations based on the dimensions of his Steinway piano. Then for half a century I forgot and glo-israel, but I profited by Hatha Yoga, that is hindu hygiene, diffused (propagated) by a Yankee of Chicago under a brahminical name. The hindu hygiene is innocuous, and possibly very healthy.

Tearing aside the veils(??) British-Israel has got as far as (in the fourth column) an invention which I had not remembered from the previous propaganda. I knew the identity of England with the United States for the benefit of the judaic prophecies, but the race of " celto-Saxons is a new ethnology. Nevertheless " the inward sweep of the reign of God must be upheld( continued), " renewed contact of our nation with God, etc. etc."

I. IIS (120)

The centre of this power? Nothing less than " the personality of our Omni-potent God".

All this is signed " The Secretary General, The British-Israel World Federation, 6 Buckingham Gate, London S.W.I." If no front or behind name at least an address. But front and behind names are not lacking on the "National Message" of Feb. 23 1935. No. 686. vol XIV, price twopence, where W.Pascoe Goard proclaims that " The Lord God Omnipotent Reigneth"..

This is the official weekly of British-Israel Association, aimed at the Britons and all the anglo-saxons, incorporated under "The Banner of Israel and "The Covenant People"" (which I suppose to be two other periodicals).

They fly the Union Jack and the Star-Spangled Banner, coloured, show the territorial globe, the throne of the house of David (the one in Westminster Abbey) and "the sign and testament" that is, the inverted pyramid, with a vigilant eye in the vortex. Page 121 is illustrated by a photo-reproduction of the Mrs. Knowles, president of the Women's Auxiliary, in court dress. let us prey, O God of our Fathers, Abraham, Isaac, Jacob, etc.

I do not believe Ramacharaka ever received any subsidies. But anglo-israel does not lack money. Without money one cannot get two full pages at a time for publicity in the *Chicago Tribune* (see *Chicago Tribune* of July 12, 1931). Paris ed. of

To be noted that anglo-israel is not only anti-ghibelline, not only propaganda for the British Empire backed by promises from the hebrew scriptures, as for example, "I will give you the gates of your enemies", interpreted specifically, as early as 1900, in the sense of Gibraltar, clearly Suez, etc., but it is definitely anti-catholic propaganda.

The throne of David, birth of Christ, "The Captivity treks to Britain" sic: towards the third century A.D. the body of Israel which from the time of the captivity inhabited round the Black Sea, etc., to east of the frontiers of the Roman Empire etc., in the time of Henry VIII, the British people (put their hands to) purify the faith. (sic: Ch. Tribune, p 7,

Q. II6 (I2I)

col.2 of the date above mentioned) and to catch up with their old community.
with God and their religious liberty and *leadership* of the world; The Re-
formation swept the earth like a free air from heaven.

In the reign of Elizabeth ... the establishment of free
faith of our fathers, based on the Bible...

Giants existed in those days... ministers of God fighting to
establish the reign of God based in Britain, that is, God's Israel. They were right ( quote from Epistle to the Hebrews follows, Indici (??) 33/34. )
verses

Then: " Ecclesiastical Rome directed the European powers under the guidance of Spain to subjugate Britain...But *one* greater than the Papacy watched over the British-Israel nation, which had now returned to *him*. (??) Drake's monument in Plymouth bears a bilical inscription, etc..."

As to reciprocity, it seems unlikely that the neo-catholic politicians( taken in by the good manners and gifts) upholders more of tolerance than of Italy, will have be rewarded by support for catholicism on the part of these neo-Israelites.

I assure you this propaganda is quite other than ineffective
among simple folk, brought up in "Sunday School" and on the bus Bible, and
used to daily reading of incomprehensible *galimatias*. And I do not believe
that in Italy Italians have any idea of the (??mole), the enormous quantity
anglo-Israel
of books and booklets (pamphlets) in circulation, with thrilling (?? vis-
tosi) titles "Great Pyramid and proof of God" ( i.e. proof of the exis-
tence of God), "Warning of Joel", "Brivative Church in England ", "History
of the Kingdom", "Heredity of the Anglo-Saxon race", "Bible in the English
language" ( noted as holy writings of the *jewish* and *christian* faiths ).
UNITED
* modern

I really do not know what India is doing in the list of anglo-jewish
gang (pack// masnada), but I find in the publication, 1935, "Mandatory Terri-
tories" (?? mandated). Which reminds me of some little verses of mine
* unpublished*

3. II7 (122)

, not printable, belonging to the sanctions period, Nov. 18.

The ghibelline-catholicsit seems to me, have had a long row to hoe
Do they want to preserve an Italian or European religion? Anyway, it appear
to me that the moment has come to re-examine all the ecclesiastical (church)
history, beginning with what was the new synthesis of the catholic Church
in the first centuries of the previous era ( that is, previous to E.F.)

It does not seem probable that the influence of the levant
was simply a cause (?? causale). But if so, we must do the analysis again
The altars of Venus were immaculate, untouched by blood. Amor Deus fuerat.
Ancestor worship
Ancestral cult remains. The cult of Mithra, the religion of butchers of
cattle is preserved in the Spanish popular holidays, cut off from conscious
religion into the Las Corridas di Toros, bull-fights. The cult of shades, mines
or the goat style is left to black magic.

Has Christianity brought anything new? If so, we ought to understand
more clearly what novelty was introduced and where from. In Africa they
still sacrifice to Ur-Buffel, the grandfather of buffaloes. The cult of the
fertility power of the earth, of the grain never dies. The significance of
the animal sacrifice Ten years ago at Cine Citta I pointed out, in a note,
which as far as I know has never been put into circulation.
the title was
It was entitled "What Rome eats" or some such. The bovine (strength) is trans
formed into human strength, by way of the hecatomb.

I ask if it was necessary what need had European civilization, even
during the decadence after Trajan, to import other rites? Which element did
not already exist in the thought and writings of Cicero, in Somnium Scipionis?

What need, what politics, what unconsciousness? (?? incoscienza)
And why was this Jewish terminology accepted? This legend or inferior myth
ology, which does not interpret nature even by allegory, or the phenomena of
tempo
time (?? weather), sunrise and sunset, storms, the metamorphoses and pro-
cesses?

What was behind these successive influxes come from outside the Eu-
pean tradition?

The Chibelline- catholicsit seems to me, have had a long row to hoe
Do they want to preserve an Italian or European religion? Anyway, it appears
to me that the moment has come to re-examine all the ecclesiastical (church)
history, beginning with what was the new synthesis of the catholic Church
in the first centuries of the previous era (that is, previous to E.F.)

It does not seem probable that the influence of the levant
was simply a cause (?? causale). But if so, we must do the analysis again
The altars of Venus were immaculate, untouched by blood. Amor Deus fuerat.
Ancestral worship
Ancestral cult remains. The cult of Mithra, the religion of butchers of
cattle is preserved in the Spanish popular holidays, cut off from conscious
religion into the Las Corridas di Toros, bull-fights. The cult of shades, souls,
or the goat style is left to black magic.

Has Christianity brought anything new? If so, we ought to understand
more clearly what what novelty was introduced and where from. In Africa they
still sacrifice to Ur-Buffel, the grandfather of buffaloes. The cult of the
fertility power of the earth, of the grain never dies. The significance of
the animal sacrifice. Ten years ago at Cine Citta I pointed out in a note,
which as far as I know has never been put into circulation.
The title was
It was entitled "What Rome eats" or some such. The bovine strength is trans
formed into human strength, by way of the hecatomb.

I ask If it was such as this what need had European civilization, even
during the decadence after Trajan, to import other rites? Which element did
not already exist in the thought and writings of Cicero, in *Sonnium Scipionis*?

What need, what politics, what unconsciousness? (?? incoscienza)
And why was this Jewish terminology accepted? This legend or inferior myth-
ology, which does not interpret nature even by allegory, or the phenomena of
tempo
time (?? weather), sunrise and sunset, storms, the metamorphoses and pro-
cesses?

What was behind these successive influxes come from outside the
En-
toean
tradition

0. 86 (96)

World-wide.

If this war is not a conflict between <u>two</u> orders of ideas, then we
are back in 1917 again, and the Revolution doesn't exist, has not taken place.

The Revolution continues. No more/false attitude or further from the actual times, than that of Romain Holland in 1916-17, with his "above the conflict". I affirm I am under the conflict. The conflict passes over me and tramples on me. I cannot ignore it. Nobody has the right to want to ignore it.

A nation's force, or an individual's is interior. If the blood-pressure goes down to 105, it is a measure of the conflict. If the pressure降 of a Nation's inside conscience becomes so lowered to such a point of weakness, through bureaucratic sabotage, by ecclesiastical ambiguity, literary d Dillettantism, by not wishing to understand, the nation finds itself in simi-lardanger to that of the individual, whose physical heart does not answer to the muscular demands.

aside

thrown out from direct action, one reels, or I feel, trapped in the ice, not of a deep hell, out perhaps of a paralizing purgatory. I do not stop, I am stopped, and must necessarily understand, that, at least, understand what is happening.

The laws of good government, the laws of the ineluctable process of lasting (Yduratura) government have been known since the days of Iao and Shun.confucius gathered together and condensed these laws; menius explained this synthesis more fully. Nobody can avoid these laws, no psycopatetic can get goosevelt, no self-drunken churchill, has a special licence or can avoid the (contrapassor?) (ynemesis).

Two principles are opposed. The infamous principle of strangulation on one side, and on the other, autarchia. The plough versus usury. The farm against the mortgage. The race against the tyrant from outside (la razza contro la razza tiranna).

And to understand one must recapitulate. One must synthesize again and again. Even the men" of the Revolution " need to understand. They need every so often to revise the concrete facts,

0. 87 (97)

which throw light on the concept, by which one gets to the definition of the
word. The ideogram that the dictionaries translate "sincerity", demands
the most absolute precision in the definition of the word".

The word "to-day", must be newly defined each day, not omitting
the necessary complement of truth.

the "Aeriatric Courrier", does well to reprint the Duce's words
as 18
bolcnvismo decided by international plutocracy ..." and to speak of the
"process of disintegration of molecules" (Popolo d'Italia June 4 1919), but
to be noted that these words did not have a world echo in 1919. They were a
nearly esoteric doctrine.

One must add the words of R. Mond, brother of Alfred alias Lord
melchett: "Napoleon it took us twenty years to destroy napoleon. We shall not need twenty years to destroy mussolin".

One must look at this war as a phase of the "process" going on since
1694.

in the recurring cycle of usurocratic, the "Protocols" of the so-called
eiders of Zion should be repudiated; or at least written up on the walls.
two points of that nature. "We will abolish the study of the Classics, and
replace them by study of programmes for the future." That is to say, the
programme of the "Protocols" demands a progressive ignorance of the "histori-
cal process".

So that we insist on the study of this process.

It is said that only the Jews derive their legal code from a homicide.
As a young man I amused myself by finding that nine of the ten "command-
ments" were taken from the Egyptian "Negative Confession". The addition was
the "not make graven images".

Moses' wiliness! The Egyptians were in the habit, after a crime, of
making an "image of the crime", for instance, after having stolen an ox, they
made a little ox of clay or stucco, the sinner put this figure on a sin-
boat" the size of a toy toy-sized and sent it down the waters of the Nile, to

0. 88 ( 98 )
thereby to " free himself of sin".

Naturally with this system, no social-political discipline was
possible. The wily Moses blocked the outlet. Clever for the immediate issue
the game had
But a deeper design, or evil instinct, as
battle against the mosaic pictures .
prohibition
The (forbidding) to make images put an obstacle in the way of

understanding the profound truth/s of the cults. *That's all/I*
It led to
discussion instead of contemplation. Abolishing statues of the gods, and the
pictures in mosaic, is to abolish the tradition of every profound religious
profoundity. deep religious feeling.

One does not speak of the mysteries. Whoever destroys the images
(ikons??), destroys the the mysteries, reducing % religion to a discussion%
deep understanding
Any profundity that needs contemplation, becomes reduced to a programmatic
formular.

The corruptive system is divided into three parts at least:

1. Usury and monopoly

2. Obfuscation of fundamental truths

3. Production of imitations. (erzatz)

True religion was difficult. The jews offered a cheap imitation. I
Instead of the *Silentes anni* of Pythagoras, and the difficult years for
novices ( catecumeni) the fake was offered with little study and a sprink-
ling of water. The corruption did not come all at once. The early christians
waited
took the catechism seriously and took a little time before accepting a can-
didate.
The sprinkle of water only came

Only after a later infusion of hebrew doctrine (ebraismo) with pre-
testantism, with hardly any preparation or other thought. But the system of (fake cheap) was symptomatic, of the state of mind which in the fifteenth century labled Venetian goods " made in Ragusa with ticket Venetian ". The system remains the same (identical).

The second point of the Protocols for being meditated on is the plan

0. 89 ( 99 )

to use " antisemitism" itself as a means to side-track, (diversivo) that is, as a means to distract the goyim 's attention from the operating methods of their heads, the monopoly of money. People stirred by hate lose the stirrups, they may lose sight of the target.

One should re-read the twenty-four "Protocols" every once in a while.
We forget how coherent that program is.

Anybody having read them twenty years ago will probably have forgotten the coherence of their program.

che tutto il mondo appuzza

Painted " di nodi e di rotelle", " e d' un serpente tutto l'altro fusto".

0. 90 (99)

The Usurers' War.

The propaganda of the usurers (our enemies), and enemies of humanity, merit careful attention. The pathology of fear does not date from yesterday - white-collar

The bourgeois, in the current, pejorative sense of the word, is a man or animal dominated by fear. A veteran of three wars said to me: "for ten who are you will find" (sign you will find) courageous in face of the enemy, only one will who will sing a paper."

The chief bourgeois passion is fear for the future (a lunga scadenza); fear of not being at ease (in easy circumstances) of not being able to eat, (still longer view), or (longest of all) not to eat at all.

as

The economic lie grows weaker with the progress of the war, progresses - got as far as

one Ingram, in England, has arrived at understanding that money, per se, is not

not food (edible). He attacks the Reich's finance in a tentative try to

protect the actual english "budget". He has discovered ( that is to say that

the official usurers' world has decided to admit) that one cannot eat money,

and that, lacking goods, lacking edible and necessary goods, money tends to

lose its value. Or let us say: the number printed on the paper or on the

metal, does not buy so much stuff as previously.

phrase

phrase

Dr. Ungaró has found an expression more likely to get it into the head

of thick-skulled (testardi..pig-headed): a pair of boots will buy more money.

A sack of grain will buy more money... if the market is not governed by

statual authority.

The passion for not using a moderate terminology has already led the
world into many economic errors (mistakes). It is usual to distinguish be-
tween "tendency" and "necessity" (??) Water tends to fall, flow down, to
find a lower level. But "human power" can prevent this fall, or better still,
can use the tendency to work hydro-electric centres.

As such a fact justified the turbine, engine, so Gesell saw the way to utilize, or put to work, this tendency of money to devaluation to lose its value, to diminish this tendency (its buying-power, to diminish)

79 (90)

The NEW Incarnate pathology.

( An article written three days before the speech by the director of the Reichsbank, Fischer, to the Italian bankers. A speech every reader of "Meridiano" should know. )

Not only pathological, but pathology itself, constitutes the pathology of the races among which he lives. (??) He lifts pathology into a system??(reduces??) . The mania becomes contagious and unconscious.

Barney Baruch, the Jew reputed most powerful in the dark corners of Roosevelt's tyranny, shows himself perfectly crazy. when he proclaims: markets "Europe will be finished after this war because they(??) will lack markets" A simple phrase, but showing an absolute incomprehension of the possibility of production"for use", and the fact that grain can be grown, so as to become monetary gain. For a usurer, grain(wheat??) is exclusively a means of money. It serves when is useful to make a monopoly ( corner??) to starve others by raising the price.

mercantilist
And the damned mercantile mentality - about money - helps this The habit of a false conception of money) perversion. ( leads man further and further from sanity and useful knowledge.

The true definition of even one word always carries one towards a better understanding of life and economy.

From the moment that you understand that " money is a claim", you will begin to ask: "A claim to what?".

Congressman Zubly said in one of the first congresses during our first revolution:" It is necessary to maintain the idea that this money paper (money) is good for something( i.e. exchangeable)."

concept
And with the answer to this question gets to the idea of autarky, the idea of money exchangeable for goods, and against the whole complex of all the merchandize (?? goods and services??) needed for the nation's full life.

0. 80 (910) starvling
miserable starved

Bankers' money leads to one idea, ..., i.e. namely, money. The
A clean conception leads at once to agriculture, to production of wheat, but
and not only wheat, but all edible products (commostibles), which can support
the nation, even during a ten years' war.

Instead of blinding the university student, a clean idea of money
will lead
unwilling to the Agricultural Institute, to questions of food, raw materials,
and will widen human contacts.

The question arises whether" autarchia" (?? self-support) is
already complete. Why certain seed is not grown; subjects of conversation
come up with the peasants.

A person having always lived among books, and literary groups,
alien to daily, productive life, finds himself armed with subjects of conver-
sation with producers of basic goods, without which a nation dies of hunger.

What does the nation lack? Can we produce it? A well-considered
(?? mature) economy is agricultural. The farmer knows it unconsciously. He
does not discuss, does not even understand the darkness in which the unfortunate
student lives, who has began his life his thinking with theories and books.

Minister Bottai spoke truly a true word when he said that true
humanistic should be combined with technical education.

Abstract education is the enemy of both. The use of generic
terminology destroys science.

But the true definition of even one word, I might say, the true
definition of any concept, whatever leading to concrete knowledge, always
spreads, leading to contact closer with concrete phenomena.

The false definition of money for wrong idea, leads to the bank
window, and usury. A true conception of money leads to grain, and peanuts

The enemy derives a great part of his strength of his propagand
from false definition, deceiving himself as well. For example, one does not
know whether Baruch has become idiotic, grown imbecile through making others
softer

J. 81 (92)

idiotic, or whether he is consciously making another effort to deceive the people.

But the majority of the enemy is really stupified.

I return repeatedly in these articles to the same affirmations.

Lacking a bilingual edition of Confucius, which would lead you to a clear con-
understanding
ception of my direction, I fail in the attempt to make you grasp what I mean.

I speak, for example, of the teaching of a literary specialist (??½))

he thinks I am outlining the education of an engineer's etc. etc.. The de-

gree to which incomprehension reigns between individuals, is a perpetual sur-

prise.

Nobody ever knows ENOUGH.

Q. 82 (93)

s
Bolchivism and Usury.

both
Nobody understands yet that the usurer and the nomad ₩ always
attack agriculture. The Jew is usurer and nomad combined.

A civilized (?) economy is agricultural, the nomad is too lazy, or too impatient to cultivate the earth. He moves on, steals.

Usury attacks from the other side. It imposes a tax. This tax

✓ increases until the peasant dies of hunger. The earth loses its value in a corrupt civilization. When it becomes impossible to live by working the land, and the big land-owners grow poorer, they become decadent and ally themselves with the usurer. etc. In light of which the plutocratic-bolschevic alliance loses its mystery. But these two words are polysyllables. For a week I have been studying the mystery of the efficiency of bolschevic propaganda. The logistic() part is explained by the names of Schiff, Warburg, Kahn, Hanauer. ✓ the-logistic() part, The usury central is in New York, so that there is no need to import funds to bring out editions of books and periodicals. ⚙️

But what about the human ground where the weeds grow? This ground is in part made up of generous hearts who, swallowing Marx's diagnosis, also accept the false remedy.

And it is precisely against this ⚙️ intemperance that I call for a study of the ideogram, and ⚙️ Confucian principles, among which the " definition of the word", the stabilization of an unstable terminology, is present, or at least, not unstable.

The ideogram is a dyke (wall, defence, trench?) against which persons destroying the language. It is a sort of rebus, but instead of falling into a game of patience, it has become a treasure of wisdom (steady arsenal of live thought).

I will speak in another article of the destruction of symbols; mea
meaning of any form of communication which induces the student to make careful
thoughtful research of facts which cannot be communicated w/ / by an

0. 83 (93)

abstract and generic phrase. This war dates not only from the times of the iconoclasts, but from the times when it to make "graven images".

On Hitler's Speech.

recent

Certain words in the Fuhrer's last speech have been specially app-
applauded, but I dont know how many of us are ready to follow the lines in-
dicated. The Furer spoke of an economy " based not on gold, but on work".
none
(he)

none
We all of us , including the undersigned, habitually look at the
money we exchange.

I ask myself if the public is ready to read " ten lire, worth of
work" on the money.

Arbeitswert, written on the Woergl notes; this would still shocks
the sensibilities of the old-fashioned; but futurist ?? money has already
existed (??been in use)
silver

I recall the old American five-dollar pieces (scudi) bearing the
inscription " In God we Trust". It is along time since I have seen these
silver discs; after the 1860 war reading this inscription we added viva
voce " ready cash for the others" ( phrase??)

A few years ago the American notes carried the words" payable in
gold to bearer in gold"although this was no longer a reality. Silver dollar
circulated during the years when the value of silver was round 43 cents
to the dollar.
(forgers)

to the dollar.

falsifiers

The falsifiers could gain making money of false weight, and legal
fineness silver

The revolution continues. Some people criticize the pace. And I
ask myself how many of our readers are yet ready to accept a State note
without a shiver, bearing the words " ten lire, worth of work," or "certifi-
cate of work done, to the value of ten lire".

It seems a revolutionary idea, but current and implicit in Adolf

5

94

I had no wish to be mysterious nine years ago when I wrote: If money is considered certificate of work done, taxes are no longer necessary". I should have added" not necessary in the usual form". and I might say " neither in the usual manner nor with the usual intention".

But the certificate of work done needs an addition to become *money*; a medal for bravery is something other than money; a certificate of work done needs an indication of its exchange value. From the moment it becomes exchangeable at a given figure, you will have, instead of tax, the consist in need and duty to AVOID inflation. This duty would be to cancel or withdraw the certificates at the rate at which the goods and merchandise are consumed.

To clarify this duty: in the mercantilist system the State was in t
the habit of *buying* metal with which later to *pay* its expenses.. In
this buying-and-selling, the jews and others, defrauded the nation in
various ways.

A revolution putting Europe onto a "work" basis, would not by this
simple moveavoid all, I say ALL, the insidious perils of LEIHKAPITAL.

When the State issues mandates, it must consider why, to whom, and
how many should be issued. And if the work-day is worth a certain
amount of grain, wool, fat, heat, transport, etc., goods and services
must be deliverable anywhere whatsoever in the State, according to the ju-
just worth of the work.

If the nation is not to decay, a man's work should at least
yield the upkeep of himself, a wife, and two children( unless
you are following the Dutch system of a static population). A Chinese
sage said: "Probity constitutes the national treasure"
An Emperor said: "Probity than that of the national treasure, not profits."

An Emperor before the Tang dynasty said:" To enrich oneself at the expense of the people is like carving ones own flesh to feed ones own stomach."

To-day my question is :how many of those who cry Yes,are ready to

6

95 - 96
to understand, not simply accept blindly the idea of a Europe based on
work which would imply as logical consequence work-money, ARBEITS-
wert? And this work-value, it seems to me, would inevitably lead to
an indication of the exchange value of the work itself, that is an esti-
mation of the quantity of food, merchandize, wool, grain, fats, equi-
valent, in the original sense of the word equivalent, to the work done.

This would mean in part a new monetary technique. We do not pro-
mise Utopia. In fact, Utopia does not spring full-grown from man.

Marketable goods? consumeable goods? Desireable goods? Which
are which? .

0. 72 (84)

value of the note, which must be stuck on the note the first day
of each month.
As gets back

If this stamp is sold by the State, the State takes in annually twelve
per cent of the value of the stamp-script paper issued by the State itself
(or by delegates of the State, if you think the Corporations should issue the
notes, or the Treasury be asked(??)). producers

Clearly this intake would diminish the need for other taxes.

It is also clear that at the end of eight years and four months the State would have taken in a sum equal to that of the money issued in the first year of the system.

distinctly + = 15
Adams said also, clearly that paper-money which was losing value
did not leave the nation in debt. (left the nation without debt.)
I point out depreciable

I point out depreciable
1.2 Let us say that paper-money does not leave the State under the obligation to pay an annual interest on the paper issued, as is the case with "bonds" still thinking in terms of
or in other words, Adams was speaking about the inflation that follows an
exaggerated issue of paper-money, which was calculated to a tax, which brought suffering
in some of the tax-payers, but did not leave a public debt at interest.

Stamp-script has a great advantage.

Stamp-script has a great advantage. When an honest government buys
only what is necessary, or spending shows sanity in spending for the benefit of
the nation, it could pay with this new money; and at the end of eight years
and four months, all this mass of purchasing power would have cancelled itself,
leaving the people without debt.

The money of Woergl, as early as 1932 carried the inscrip

tion "Arbeitswert", "work-money" 5 schillings, 10 schillings.
The money thought up by Poras "order of the system itself to produce

and consumed as certain given things To be maximum wanted
as many as possible of can also be
taken to indicate the motivation of the said order.
In fact, as I maintained as far back as 1932, money can be a"certifi

In fact, as I maintained as far back as 1932, money can be a "certifi
cate of work done".

For example, a credit being given a note of money

0. 73 (85 since)

And from the moment that the "conse na! order of thought" is "social
including
justice" "ought"
containing economic justice () this work done should give the
doer
a right to
purchasing power up to 10 or 50 life "inscribed"
over a given time
"work" (work done) to be valued over
over a durable period
possibility of equalling over

this purchasing power will depend on the good sense of whoever is directing
in command of
the work, and choosing the direction of that work. (selected, may
hending out) protection
I am not making "money magic". The defence of agricultural
purchasing power is a fundamental of any good government. Whoever destroys
it, destroys his country (home-land), very slowly perhaps, but inevitably. (destroys it)

Paying emergency expenses, let us say of a war, with new money issued
in the usual manner, would create inflation, therefore, over several centuries
been
"bonda" have issued, thereby delaying payment. But an annual debt remains,
so much a year to pay the interest, in addition to the taxes.

If these exceptional expenses were to be paid with stamp-scrip, the
debt would cancel itself in eight years and four months. Or would diminish
the need for other taxes.

Outside the economic domain, passing into the social field, money is
a certificate that the bearer is worthy of the right to eat and be clothed.

Humanly speaking, the money we earn by day to day
income
immediate work has
quite a different flavour from any coming from "capital", a difference like
that between fresh fruit and canned meat.

But the uncertainty of intake, the terror of unemployment, as a corro-
sive which has killed off half humanity in the XIXth. century. And then, as I
have explained in these pages, the so-called off strata of activity in any
civilization needs a relatively long period to accomplish work (jobs?) which
cannot
(= in Italy) done
(= small) day
(= in small) does not produce saleable goods from one day to another,

Hence, the justification of an income, not too large, for the consumer,
is recognized by family cheques in other categories.

3). 74 (86)

A public debt CAN serve to destroy purchasing power, national in a manner useful and beneficial to the nation. But moderation is necessary. And above all we need enough clear-sightedness to see that the public debt old-style is not necessary. It may be wise in certain measure, but it is NOT necessary. (parte della materie) (parte della materia)

All, or part of the services necessary to the State (even in exceptional times) could be paid for with stamp-scrip, and at the end of eight years and four months no debt would remain weighing upon the people.

I know Gesell's arguments in favour of the advantages which would follow the use of stamp-scrip, an acceleration of the velocity of circulation dazzled by nat. of money, but I am not drunk (taken in?) with it. I admit the utility, 15 possibly great, but certainly limited of this velocity.

Where there is no grain or iron, grain and iron cannot be bought, either with the most beautiful paper money OR with gold.

But it seems to me, and perhaps I am obstinate in insisting, that every payment of interest on the public debt should be considered a national dividend; and the quantity of this payment should not be greater than the PROFITS material of the nation in the year in which the payment is made.

The "material profits" in this case, will be the goods which, without the distribution of the "dividends", (which is monetary) would remain unsold.

The economic fight begins with a light for the clear expression of certain very simple things. I do not know whether I attain to latin clarity. But if I maintain all the possibilities that the State possesses to buy and pay with newly issued paper money, I am not inflationist, and any interpretation that would make you think that I wish inflation will be due to the ine- competence of my expression, or to the impatience of the reader.

O. 67 (80)

Towards an Alphabet.

Odon Por registers an important step towards an economic
when he writes:

> "Money in the autarchic- corporative system can be considered as
> an <u>order</u> of the system itself to produce <u>certain given goods ( things)</u>
> as many as possible and to consume them . If this order is not carried d
> out, the money annuls itself(??)"

Odon Por's phrase answers my prayer in the "Meridiano" some years
ago, and gives me the opportunity to go ahead with the definitions I pro-
posed.

The smallest precisions in this camp have maximum importance, for
be patient with me.
which reason you must listen to me with patience. I had defined money as
" a claim measured in title or claim."

This phrase leaves a double meaning to the word money: that is, money
both "titolo" and measure ".

We should do better to accept Por's definition, but limiting it to
the total mass of money, (O denaro).

Reserving to the word "monetary unit" to indicate the thing having
the function to measure. (used to measure)

In this way we have "money"; the claim or order of the state;
and "monetary unit"; the measure of price on the market.

I say measure of "price", because the word "value" is too ambig-
uous, see Aristotle'S lack of precision in the word Xreia.

Even the "monetary unit" cannot measure value in all the
 senses of the word.

Gold can never measure value in a satisfactory manner. The value
of the gold itself Superstition and fantasy measure.

### O. 68 (81)

The past values of gold and possible ones do not have the same worth (value). The future value of gold will be less. Real valuation of gold begins with the Chinese discovery of methods of paper-making and printing it with the fabric... (set-up) imperial seals. Why gold had an intrinsic value in the fabrication of the counterfeit monetary unit? Imitation and falsification, in primitive times, was very difficult. First because gold was rare; secondly because under primitive chemical conditions, there was always the difficulty, of falsifying the weight of gold, which still remains to-day.

A gold coin weighs much more than a counterfeit piece of copper or silver-gilt.

Gold does not rust, nor discolour nor become black like silver.

Intuition suggests that a prestige for gold among savages and barbarians. God knows the superstition hangs on. The impenetrable darkness in the mind of a Kenzo Oshima shows that the superstition is not limited to the occidental brain. In Japan also, where economic discussion in the newspapers is much more open and simpler than in pre-Hitler Europe, one comes across the same refuse of the past which fog our slow-coaches in the cornfields.

The fog remains in spite of the efforts of a Funk, Riccardi and the Senac'h veiled confessions and declarations, who has had to handle the unlucky senhaftens' propensities of English financiers, etc., for many years, with praiseworthy tact in times when it meant death or the destruction of half Europe to reveal the truth about money.

(??) And only now, (in) the hour of Providence, the destruction does not fall on us but on the heads of the unfortunate followers of the anglo-New York-Kuhn-Loeb Jewish usurocracy.

Oshima, in spite of his ancient habits, has had to confess that it seems to him (that) Germany, at least over a (notable) period will use gold for (its) only in commerce with the U.S.A. and Soviet Union.

0. 69 ( 82 )

but he does not exclude the possibility of Germany's " returning to gold". History sadly teaches us that revolutions are nearly always betrayed. ( I have already mentioned the betrayal of the people and system of the Un United States in this series of articles). The obstacle to honest revolu-tions does not come so much from from criminals and thieves who have defraud-ed and deceived the people, as from the obstinate men who are honest but obstinate, and simply incapable of changing their mental habits.

The dishonest thieves, faced by a new order and new law, start immediately to elaborate a new method of swindling the public. The u caught bending ingenious among the dishonest are taken soon after ( before long) rifling the safe, (picking your pocket,.. picking the lock???) For example, alter-ing the quantity of grain brought to the pool by a peasant, and such like puerile tricks. But the really bright commit legal crimes, that is, which do not transgress the letter of the law.

And so the ill-omened betrayal, economic by the Baruch-Wiseman-Morganthau-Roosevelt administration breaks the quantity "record" of all the little thefts of the President Harding 's friends, thefts calculated in millions.

Under Roosevelt the Treasury bought gold in accordance with the law, a vile, treacherous law but legal.

Had

If the Treasury bought sand sea-paying a dollar fifty cents a pound, everybody bringing sand to the Treasury windows would have pro-fitted. If the quantity of sand had been limited by law, the buying would have given the advantage (benefitted) the first arrivals (first come)

(dannato porco & inguaribilmente stupido) The damned and incurably stupid public is beginning to understand that Morganthau's political economy has been an"error".

But not an innocent error, It was not, and still is not. The

O. 70 (83)

Above-mentioned and damned public does not yet understand that the buying group does not have a right to force the price of gold has profitted only a certain gang of sellers. The public shows no curiosity as to the identity of this gang. And until they are imprisoned or downright exterminated, we shall have no economic peace.

Any Tom, Dick, or Harry can understand that if a government is free to buy, even a useful material like cement or wool at a given price, but instead of this price, pays the double to a group of vagrants (or men reputed solid and honest) then this putting up of the price works in favour of the sellers, and not of the whole people.

It follows that if Morganthau (the fact that) paid nearly double the price that he rendered to the gold-sellers (holders of gold), and to the damage of the American people. Q.E.D. does not suffice

This demonstration is not enough, because it does not reach the people. They remain blinded by the lying press although two European radio stations talk now and again of "plutocracy".

MONEY

Certain distinctions in economic-monetary science are no more mysterious than
differences between football and tennis which any ten-year old can understand.

(Illustration: Pound paper money)

All the sleight of hand and criminality of the Keynes, Guggenheim (Gregory) of the London School of Economics and the like has been needed to hide these distinctions and create a pseudo-economy which leads to wars and artificial vacancies, at the same time creating an unstable market, the work of a few scoundrels, because an unstable market allows a quick turnover and riches.

Here are some reproductions of paper money with short explanations of their
meaning.

We have the design of a state note of the Tang dynasty, Yung-Hui period, A. D. 650-656; and we find an identical design, here reproduced, on a state note of the period of Hwei Ch'ang (六二六, six thousand), of the same dynasty during A. D. 841-847.

This note is, or was, in the collection of A. Mc. F. Davis of Boston, author of the book "Certain Old Chinese Notes": yellow paper, black ink, with red seals; measuring $9\frac{5}{4}$ by $6\frac{1}{4}$ inches.

This is a STATE note, not a bank note.

It was due to the decadence of the dynasty if these notes became devalued or lost their purchasing power, and not due to a defect in the system of issue, because they are STATE notes, not bank notes. The inscription is identical with that on ten lire bills used in Italy today, even to the details in wording.

As to diminution in value, one should observe that the purchasing power of gold money also diminishes, not only in war-time, but in all places and at all times when there is a scarcity of material for food and clothing.

I do not present a doctrine, I present documented facts. These Chinese notes

Money, 2

have existed, and specimens have reached us. And they functioned. The form of the
Ming money many centuries later is so identical that A. Mc. F. Davis is of the
opinion that the notes of the fallen dynasties might have circulated as legal tender.
(That should not be taken literally, because the seals would be different.)

The second photograph shows the now celebrated note of Wörgl, a village of
four thousand inhabitants near Innsbruck. These were issued in 1933 and terrorized
all the european swine, althogh saving the village much misery. But the village
had to give up its system of honest money by order from Vienna, enslaved by the
Rothschilds at that time.

(Illustration: a Wörgl note)

Later Hitler freed Austria, but not before the Rothschilds had been able to
send an enormous sum of money to Skoda.

The Wörgl note has two characteristics. First one sees the word ARBEITSWERT
(work-money): value of work done, 5 schillings.

Hitler also proclaimed WORK as the basis of german money. But this speech
of the Führer has not had the publicity and diffusion that honest and simple per-
sons might rightly have expected. This war did not begin in 1938 and perhaps will
not end with military victory.

Today as often in the past, the sword has the intention of defending the plough
but without a group of vigilant sentinels, Gerione, the protector of monopoly and
interest at 60%, will one more time, or a hundred times, be ready and capable

Passar monti ed infranger mura e armati.

The complete picture of fraud is not limited to the photo album of the Roth-
schild family. There are eleven other components of the directors of the Bank of
France: Lazard, Schneider, Neuflize, a hundred "honorary Londoners" (Farinacci's
designation), Goldsmid, Mocatta, Sieff, Pixley, etc., all in the best of health,

Money, 3

with all possible privileges, ready to transfer themselves to New York under the dirty shield of the Kuhn, Loeb and Morgenthau co.

The destitution of the french Rothschilds is nothing but "window-dressing," a theatrical effect which has hit only those having the greatest publicity, and after the greater part of their riches had been placed in safety abroad.

The second point to observe on the Woergl note is the tax of 5 groschen to be paid every month by whoever has kept the note and thus impaired its monetary function, i.e., to circulate.

Here we are on discussible ground. The Gesellite propaganda is synthesized on the reverse of the money itself in the words: "To All." The slow circulation of money has driven the world into an economic crisis, etc., causing much poverty.

(Illustration: Wörgl note, → recto) Gesell, with a certain simplicity, believed that it needed only monetary reform to get out of the difficulties. History has shown a more direct way, and

Italians who are taking this road can consider the possibilities and the strength of the Gesellist mechanism from another point of view. I have already explained my own personal views in "Meridiano." For the moment I onoy want to draw attention to the fact of the existence of these notes which worked for more than a year in the Tyrol.

The fourth photograph is also proof of the possibilities of a money which is not based on gold, but on work and marketable goods.

(Illustration: Tang note, A.D. 850)

The student and even the ordinary businessman will understand the nature of money better by considering the significance of this PRIVATE note issued by my grandfather and his brother in spite of the monopolists and financiers of New York. The inscription reads: Fifty cents (half a dollar) payable on sight to bearer IN LUMBER or MERCHANDIZE.

This conforms to the dogma of Schacht and Hitlerian Germany: "Money which does not correspond to marketable goods is nothing but printed paper."

Money, 4

The worth of this note depended on the fact that the Chippewa Falls Company had the lumber and could deliver it to anyone. It also depended on the fact that my grandfather personally supervised the setting of the saws to make sure (not approximately, but *sure*) that each plank was an inch and a quarter thick before planing, so that a square foot of this lumber gave the user a square foot of board an inch thick after planing. One can see from the state of this note that it was used and passed from hand to hand.

The extortioners and usurers always employ the same methods, whether against an individual or a nation.

To make the activity of the Axis clear in America one must turn to people capable of understanding it, to the few researchers who have studied the true history of the American Revolution. They are in great part the descendants of the men of the Revolution of 1776, who remember the sanctions decreed by the rotten government in London, for example, sanctions against the paper money of the Pennsylvania colony in 1750; or the more numerous, who preserve the tradition of rebellion, individuals of the time of Jackson, or of my grandfather until Larkin's experiment a few years ago.

To illustrate the extortioners' methods, observe how they profit by the often artificial saarcity of money. The answer was private paper money, issued by whoever has the means to do so in legal form.

The monopolists' methods find confirmation in the case of the Chippewa Falls railway. My grandfather wanted to build a railway, but when he tried to build it the monopolists refused simply and absolutely to sell him the rails. He finally found an abandoned railway in the north of New York State and bought the rails, the only ones not controlled by the monopoly. The wooden ties were cut from the forest. My grandfather had five thousand dollars and enjoyed a large credit among the woodsmen. I do not believe that any stretch of railway of similar length has been built with so little national or bank money.

Anyone in America who has seen such things will be capable of understanding

Money, 5

the reasons "of state" of the Axis. The policy of monopolists does not vary, and
whoever has had any experience of it will recognize it anywhere.

Italy and Germany are doing on a large scale what was done on a smaller one
by the pioneers during the conquest of the continent. One can count on finding
understanding and allies among the descendants of pioneers. Once they understood,
instead of a fifth or sixth column they would be a base, a solid foundation dis-
posed to collaborate.

USURY AND LIMITED LIABILITY COMPANIES

Members of
Two

Limited Liability Companies, having got themselves talked about, hide themselves
from all investigations. They are the members of the Bank of England, whose names
were not revealed even after the outbreak of this war to the inquiring Member of
Parliament, and the equally anonymous firms which sold gold to the U. S. Treasury from
1933 onwards. I repeat that the said Treasury has for distribution no list of the
people from whom they bought gold after Jan. 1, 1932." The greater part of the gold
coming from abroad which the Treasury acquired, was bought after its arrival in
the U. S. It is also to be noted that the gold sent to the U. S. A. may have been
in the possession of either a government or of private individuals.

The twenty-five million dollars lent to Chiang Kai Chek are a maximum mere bagatelle
in comparison with the ten billions spent by Morgenthau in acquiring gold. I am
not convinced that the problem of the Far East should be too much simplified. An
excellent analysis of the war has been in an article signed "O. R. A." in the
"Bollettino d'Informazioni della Federazione Soc. Italiane per Azioni," 15 Oct.
1939, Scorte Auree (p. 516).

Giving the distribution average per person in the U. S. A.: $138; France $65
(not in 1940, but in 1939); United Kingdom $49 (approsimately).

In the second group: Italy $5; Japan $0.40, that is, forty cents.

The genoese have a proverb: "A qui nissun è fesso"; and I hope that no Italian,
German, or Japanese will ever be so simple or so plumb idiotic as to accept a nearly
useless metal in exchange for wheat or wool. A nation is badly governed when it leaves
the control of its purchasing power in alien hands, or when it bases its purchasing
power on a substance that other countries can produce more easily or abundantly,
or other men can control, manipulate, etc., creating artificial poverty for the
people.

We observe that China is not listed in the "Bollettino," and I suspect this
is from lack of information. I also note that the Bank of Central China issues
paper money for five cents, and Sun Co. (S'hai) Ltd. issues it at the nominal value

Usury and Limited, 2

of one cent (approximately 15 italian centesimi) so that it might seem as if
metallic money does not abound in that country.

I see everywhere in the Occident that the great monetary frauds that have been
committed during the last two centuries, frauds which have had repercussions on
european life. But I am not convinced that the whole of China sees with my eyes.
If the China of Chiang Kai Chek has accomplished a "reform" by reducing the in-
terest rate to a legal 20% (equal to two hundred, and not twenty per cent, when
the bank trick of the mercantilist system is added), one can only think that some
distinction exists between ourselves and the Far East.

We know that India is exploited by the Brahmins who do not oppose the usurers, and we also know that after the Mohametan conquest no civic sense ever got into that country. Gandhi has only touched the scattered villages, each for itself, isolated, without any capacity for organizing a nation. A jungle, fertile perhaps, but below any possible European concept of civic life. The chaos in China must have come from the loss of all economic sense, a fearful loss, when one considers the organic power which created the great dynasties.

Nevertheless I cannot believe that the Chinese are necessarily grateful for
the twenty-five million dollars lent by the dirtiest usurers in America with the
intention of keep up confusion in the Far East.

I am sorry to learn that a book called "The British Empire and the British
People" was not written in English (as I indicated in the "Meridiano") but in
Japanese, and we still lack a translation into Italian or German. But even if
we had all the facts exposed by T. Ioti relative to Sassoon and the other shysters
in Shanghai, we should still not know enough about the fight between Japan and the
Chinese continent. Those twenty-five million dollars are too few to have much im-
portance as against the material possibilities of China. And what is happening to
Chiang? A small quantity of out-of-date munitions made costly by heavy transport
charges and the heavy commissions to various agents, etc.

I have shouted for eight years against the american propaganda put out in