BRETTON WOODS
Sir, —The reported address by Mr A. J. Sinclair to the Te Awamutu Rotary Club misrepresents the implications of Bretton Woods—truly described as “a means to an end.” Are 45 countries joining, out of 49, necessarily right? Nearly everyone once believed in a flat earth —all wrong! It seems a virtue> to Mr Sinclair that the provision of short-term credit on an international scale should be comparable to that supplied internally by the existing banking system. If it is as bad as that let us fight shy, for the money will be mainly supplied by Federal Reserve Bank creation at no other cost than ledger entries; and tangible repayments, with interest, will swell the coffers and prestige of that conspicuous nigger in the woodpile! “The United States must be prepared to invest its foreign surpluses abroad” —to wit, acquire control of our industries! Manufacturers note! —Yours, etc.. STAY PUT. August 22. 1947.
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Press, Volume LXXXIII, Issue 25270, 23 August 1947, Page 3
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154BRETTON WOODS Press, Volume LXXXIII, Issue 25270, 23 August 1947, Page 3
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