‘How Guernsey Beat the Bankers’
November 11, 2024
THIS outstanding 1983 talk by Matthew J. Browning tells the story of the 19th-century Guernsey Experiment in monetary reform, pointing out its relevance to today.
How Guernsey Beat the Bankers is a 1958 pamphlet that tells how the Island of Guernsey “created its own money, without cost to the taxpayer, and established a prosperous community free of debt:” (Note: The “social credit mentioned in this pamphlet is not the Communist-style social credit.)
An excerpt:
Our story opens in the year 1815. It was a year of considerable difficulty for the people of Britain but the people of the little island of Guernsey were particularly hard hit. The effects of the Napoleonic wars had resulted in a state of despair on the part of the island community due to the acute economic distress then prevailing. The following extract from a document presented by the States (as the island Parliament is called) to the Privy Council speaks very eloquently on the state of affairs:
“In this island, eminently favoured by nature, nothing has been done by art or science towards the least improvement; nothing for the display or enjoyment of local beauties and advantages; not a road, not even an approach to the town, where a horse and cart could pass abreast; and the deep roads only four feet six inches wide, with a footway of two or three feet, from which nothing but the steep banks on each side can be seen, appeared solely calculated for drains to the waters which, running over them, rendered them ever yet deeper and narrower. Not a vehicle, hardly a horse kept for hire, no four-wheeled carriage existed of any kind, and the traveller landed in a town of lofty houses, confined and miserably-paved streets from which he could only penetrate into the country by worse roads, left the island in haste and under the most unfavourable impressions. Read More »