Note 34 — Chapter VI · WHAT IS TO BE DONE

A great deal is said about credit-monopoly, as if it were something requiring a new and special kind of instrument to break up. But what is credit? Merely a device for facilitating the exchange of wealth, and all wealth is produced from land. The break-up of land-monopoly would therefore at once break up credit-monopoly. Or, putting it in another way, the one and only imperishable security is land—all other forms of security finally run back to it. The break-up of land-monopoly would therefore break up the monopoly of all the secondary and derived forms of security upon which credit could be based.