BANKS AND THE PEOFLE.

Auckland Star, Volume LXV, Issue 11, 13 January 1934, Page 8

BANKS AND THE PEOFLE.

"Economist's" observations regarding the Australian banks presupposes that there have been no wage "cuts," pension reductions, retrenchments and Public Service slashes, no malnutrition among children, no growing army of unemployed, no bankruptcies and foreclosures, no homes seized, no evictions, and no mass poverty on an unprecedented scale. The tremendous ami futile sacrifices borne by the community- are heartlessly waved aside, whilst "Economist" tells what the bank* have done. Now wh*t have they done? They have usurped the Crown's prerogative to create money, they have set up private mints, they have filched the community's credit, they have shackled Australia with the chains ofi inextinguishable debt. Can "Economist" deny any or all of these charges? Banking is a system which can create and destroy money at the will of a small group of men who have become the irresponsible lords of the world. All of "Economist's" claims will be as stubble before the devastating but purifying lire of an enlightened public opinion, which is about, to demand a money system that reflects productive capacity, a fact made possible only by the introduction and operation of social credit principles, C. 13. COMER.