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Social Credit and Foreign Trade by Wallace Klinck
"Obviously, if nations cannot absorb their own consumer production because of a lack of effective demand (i.e., unencumbered purchasing-power) and are forced to compensate by obtaining excess export earnings and seeking foreign investment it will be impossible to maintain cultural integrity as the financial pressures exert their inevitable and inexorable influence.
While it makes sense for nations to trade in order to obtain otherwise unavailable and required resources and/or to reap the efficiency benefits of comparative advantage, it makes no sense and is destructive of national sovereignty to be forced into international trade merely to join in a multi-national (and futile) scramble to capture scarce credits necessary to facilitate the sale of domestic production.
As technology rapidly eliminates labour as a relative factor of production, all the developed nations face an increasing lack of effective consumer income but all nations cannot export more than they import to compensate this inherent or innate deficiency and so avoid the burgeoning debt currently required to maintain demand. Attempts to do so lead to distortions in production and investment patterns and encroachments upon cultures which generate social unrest, and ultimately war, as all nations attempt to compete by aggressively seeking to obtain and secure cheap resources from third world countries.
It is a particular psychological curiosity and perverse circumstance that in the modern world we do not compete for goods, of which there exists an abundance—but rather for money, of which there is a scarcity, by which to purchase them.
We are driven to war not by real scarcity but by a shortage of money required to transfer and access this abundance.
We value and covet an abstraction over reality. The term “psychotic delusion” comes to mind.
The realistic solution to our major problems is in providing adequate internal consumer incomes without resorting to financial debt, foreign trade surpluses—or excess, wasteful and enslaving works projects. We need Freedom, Abundance and Leisure."