Alternatives To Borrowing
Sir,—Your editorial today correctly stated all the disadvantages of harrowing but it failed entirely to mention the only sensible and logical alternative which is available in the powers of our Reserve Bank to create credit which is legal tender and not subject to interest in perpetuity. Our ability to produce real wealth has never been greater. The bank has a duty to monetise that wealth on behalf of our people who create it. All our preseat and past financial troubles stem from the fact that our Governments of all labels have borrowed money from sources which claim the beneficial ownership of the credit created out of nothing and charge interest (a payment based on time for an instant service) which can never be paid without borrowing more; hence the growing mountains of debt, and our inability to enjoy the fruits of our labour. Editors, politicians, and hired economists suffer from a blind spot in their education. —Yours, etc., W. B. BRAY, Leeston, November 6, 1967.
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Press, Volume CVII, Issue 31520, 7 November 1967, Page 16
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168Alternatives To Borrowing Press, Volume CVII, Issue 31520, 7 November 1967, Page 16
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