MONETARY COMMISSION’S REPORT

Press, Volume XCIII, Issue 27961, 7 May 1956, Page 3

MONETARY COMMISSION’S REPORT

Sir.—Mr Edmonds possesses many ‘‘gaps'’ in both knowledge and theory. Social Credit is nothing more than masked inflation. It would produce an arbitrary and haphazard redistribution of purchasing power, favouring those whose bargaining power is strong while expropriating those whose incomes are fixed in terms of money, whose bargaining power is weak, or who reserve restraint in the exercise of the bargaining power they possess. It is the great enemy of thrift. It makes for easier profits from borrowed money: it must defraud the saver who is the ultimate provider of borrowed funds. .It undermines the whole fabric of long-term credit contracts on which civilised life depends. The International Monetarv Fund and World Eank are two institutions necessary for world trade and world relationshins. At the present moment, trade with the United Slates is almost at a standstill. —Yours, etc.. RALPH S. WHEELER. Timaru, May 4. 1956.

Sir.—There appears to be little doubt now that the setting up of the Monetary Commission was nothing more nor less than a political move on behalf of the present Government. The loss of votes at the last General Election, and the subsequent precarious stale of the parties, no doubt encouraged the Government to discredit the third party by every means possible. If there was a genuine need (as there is) to rectify the present unsatisfactory monetary system, the commission, with the evidence put before it. must have found in its conclusions at least one aspect for improvement. This was not forthcoming. but it has not fooled the thinking public. I consider the people are entitled to know the cost of this political weapon that the National Party will use to full advantage at the next General Election. —Yours, etc., ELECTOR. May 5, 1956. [The correspondent implies that the commission has recommended no changes in the monetary, banking, and credit systems. This is contrary to fact.—Ed., “The Press.”]

Sir,—The recent attack by Mr Walsh on the Social Creditors at the Monetary Commision has caused me to study into the history of money. I can well see why he called them antiSemitic, as this is the cry of all communists and socialists against any money reformers. I find in my studies that “Jewish” money power has been behind all wars and revolutions and i the greatest find of all is that these i “Jews” are actually Russians who adopted Judaism. They control the I world’s credit and financial system from Wall street. They are also the Atomic Energy Commission, and therefore the masters of our destiny as long as unthinking or traitorous men hold key positions in our communities. — Yours, etc., SEVENTEEN-YEAR-OLD THINKER. May 5. 1956. [When our “thinking” correspondent has absorbed all the Social Credit literature, we would recommend a course of post-graduate study in “Suppressed World News.”—Ed., “The Press.”]