“Paper Gold”

Press, Volume CIX, Issue 32117, 13 October 1969, Page 12

“Paper Gold”

Sir,—There is nothing vague about Social Credit, oqly truth and common sense. Money is only a matter of bookkeeping, now so vividly exemplified by the ridiculous term, “Paper Gold,” which merely means costlessly created money. Social Credit challenges the right of banks to create money as their own property and charge interest on what is undeniably the monetary expression of the wealth produced, not by the banks, but by the people. It avers, therefore, that the money supply also belongs to the people and tbit this should keep in step with the demands of adequate consumption, no more and no less. It makes provision for this, bearing in mind that production is no longer any physical problem but only a fictitious monetary one. This does not, of course, interfere with private investment, which is encouraged. Whereas we, and all nations, could live more easily and abundantly in a world of enermous potentialities due to advanced technology, we are, instead, restricted.—Yours, etc, G. E. CULLEN. October 10, 1969.

Sir,—Adolf Hitler once claimed it was impossible to over-estimate the stupidity of the electorate, and Social Credit seems to be working on the same assumption. 1 asked how Social Credit calculates the quantity of extra credit thought by them to be desirable, and I have got, from John Forster at least, a complete evasion of my question. Instead of replying, Mr Forster attacks Lord Keynes. No-one worked harder for peace than Keynes. To call him a warmonger is ridiculous. If, after 1935, he reluctantly admitted that German rearmament made some British rearmament necessary, then all credit to him. It was people like Keynes and Churchill, who had no illusions about Hitler, 'who enabled Britain to survive. As for Mr Forster’s threat of “libel” action, Social Credit stieing me for insulting their home-made computer would be a real curious case.— Yours; etc, MARK D. SADLER. October 12,1969.