MR M’KENNA AND MONEY
Sir,—A news article quotes the city editor of the “Sunday Times” as saying that Reginald McKenna “repudiated most strongly the modern heresy that the banks create money out of nothing and profit by this creation.” He does not quote the deceased banker as using these exact words of repudiation, and I frankly doubt the accuracy of his reporting; else simple words in a banker’s vocabulary have some other than their common meaning. In the “Age of Plenty” Reginald McKenna says plainly enough, “The overdraft creates new money as certainly as if the banker has coined it or printed notes for that amount.” If that does not mean “out of nothing,” what else can it mean? That it is also a creation “against” something, belonging to another, does not alter the issue in question in the'least.—Yours, etc., FLAMBEAU.
January 10, 1944,
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19440111.2.78.4
Bibliographic details
Press, Volume LXXX, Issue 24152, 11 January 1944, Page 6
Word Count
144MR M’KENNA AND MONEY Press, Volume LXXX, Issue 24152, 11 January 1944, Page 6
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in