Council of Credit and Exchange

In the Council of Credit and Exchange are summed up all the cumulative economic functions and interrelations. Under the new economy in which credit will be a social function and not a private speculation or usury, it will have an important mission to fulfil as a vital means towards prosperity and progress. Credit will be based on the economic possibilities of society and not on interests or profit. Its mechanism will consist of exact statistics on production and consumption. The personnel would be selected out of the present banking institutions.

The exchange of products will come under the control of the currency. Based on statistics the Council will regulate the distribution of products, transmit orders and fulfil generally the function of the present commercial establishments. The Council will not have to occupy itself generally with the distribution of products, since the branch councils of industry and agriculture are adequately organised to take care of all operations, from the production of raw material to the delivery of the manufactured product to the consumer. The Council's mission would be to serve as the centre of demand and supply.

Should it be necessary, as it probably will, to create a symbol of exchange in response to the necessities of circulation and exchange of products, the Council will create a unit for this purpose exclusively as a facility and not as a money power.

The Council would be organised on the same basis as the other branches, but will function as a liaison of all the Councils and thus establish a perfect solidarity in the new economy. The local Councils of the economy will be a part of the Council of Credit and Exchange. Together with all other regional councils would be formed the National Council of Credit and Exchange which would regulate the foreign trade and the international financial relations in conjunction with the federal Council of Economy.

For a few years there will not be abundance and consequently, the control of production and distribution would have to be strictly maintained. Individualism as practiced in the capitalist regime would lead to abuse and inequality in consumption, as well as to insecurity in production. That is why the essential condition of the new economy is of a social character, the special function of which is to assure at least a minimum standard of existence to the population. When production is more abundant, when technical progress has made possible the maximum benefit, then above the minimum of existence for all, we will be able to satisfy individual desires.

The Council of Credit and Exchange will be like a thermometer of the products and needs of the country. The producing guilds will know through the Council what goods they must produce and their destination. The bureaus of statistical records, which under the present system perform only a decorative function, would be the central axis of the council of Credit and Exchange and would proportion all the necessary data for the competent administration of the new economy.