“Paper Gold”
Sir,—Messrs C. E. Cullen and John Forster claim that Social Credit’s proposed reserve bank credits are similar in principle to the credits of. special drawing rights for I.M.F. members. However,] the purpose of the latter is to] ease the progress of increa-i sing productivity, whereas the former, as stated at Social Credit's conference earlier this year, would plan production for a coming year on a par with that before it. Social Credit’s credits would handicap, not ease, increasing productivity. They would step up inflation because such handicaps produce less in overseas funds, few exporters to New Zealand would accept payment in our paper money, and a scarcity of imported goods and machinery would ensue. This is not imagination, though to imagine New Zealand trade under Social Credit management is freakish. If Mr Forster seriously sees this criticism, too, “treading towards libel action," he could perhaps tee lesemajeste in Mr Cullen’s letterbox pamphlet deploring what King Charles II did for the Bank of England.—Yours, etc.,
A. B. CEDARIAN. October 11, 1969.
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Bibliographic details
Press, Volume CIX, Issue 32117, 13 October 1969, Page 12
Word Count
172“Paper Gold” Press, Volume CIX, Issue 32117, 13 October 1969, Page 12
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