N.Z. Economic Problems

Press, Volume CVI, Issue 31225, 24 November 1966, Page 3

N.Z. Economic Problems

f.V Z. Press Association) AUCKLAND, Nov. 23. The Government was getting selfconscious about the National Debt currently costing the country £1 million a week, Mr V. F. Cracknell, leader of the Social Credit Party, said in Dargaville last night.

“They may be coming round to the way of thinking that you cannot borrow your way into prosperity, only into bankruptcy,” he said. “People may wonder why the country is perpetually in a state of credit squeeze and why money is so hard to get. But if the people are so foolish as the present Government is to offer such a high price for money, the financial investors in London will snap it up.”

The reason for the country’s economic ills was the fact that the country was piling up debt—a debt which now stood at £1149 million. “It goes up almost week by week.” he said. “Most of this debt is unre-

payable within the life-time of the present generation. We are passing on the debt to our children. Social Credit says this is most unfair and unkind.”

The country’s economic ills could be solved by simple bookkeeping—B per cent of money at present came from bookkeeping—but Social Cre-

dit would use that money free of interest and free of debt. The backing of this would be the goods and services provided by the people of New Zealand. Mr Cracknell admitted Social Credit could not change the country’s financial policies overnight. The change would be gradual.