“Paper Gold”

Press, Volume CIX, Issue 32118, 14 October 1969, Page 16

“Paper Gold”

Sir,—Mark D. Sadler and A, B- Cedarian are only flounder, ing. I contend that no freeminded intelligent person can understand Social Credit and oppose it If they wish to know something, they can, like others', read some free literature. Thus fortified, they may then be better able to criticise and perhaps even era's** C. E. CULLEN. October 13. 1969. • Sir,—C. E. Cullen refers to “paper gold” and the I.M.F. as if they had some affinity with Social Credit to justify their Aljce in Wonderland, debt-free 'ffuttfiy money" policy. Special trading rights or “paper gold,” as Mr Cullen incorrectly calls them, are to ■ facilitate trade between member countries and will be restricted to annual amounts fixed by international agreement. In New Zealand the main challenge is the country’s rapidly expanding economy, in which shortage of money is not a problem. Rather it is to contain inflationary pressures and rising prices. Social Credit’s policy of printing’ money could only result in higher prices, less purchasing power for the workers, and cancellation of the people'i savings. Indonesia introduced a form of social credit monetary policy with the result that its currency today is valued at only B„per cent of whatfit was valued jJQ years ago.—Yours, etc;, . , BLIND FAITH. October 13, 1969.

Sir,—Mr Sadler wants to know how Social Credit would ’provide ‘‘extra'.’ credits.; It‘has announced that power to do so (and to prtf vide fewer) would -lie-in the hands', of a non-political committee'; alter it had received approval of assessments based on past results, Such committee power is autocratic, like that of Communist committees. Unwieldy assessment procedures would disrupt current -trade. Even with knowledge submitted, the committee could bhly guess the future. Mr Cullen urges “the people” to organise -their own “money supply,” impossibly free of charge, trusting to the assumptions and foresight of a Committee. Actually, assumption Is ignorance and foresight another word for assumption. As Mr Sadler points out, SociaL Credit seemingly apes Adolf Hitter in assuming the .electorate: is stupid. It apes Dft, Goebbels too. By repetition i,t tries to sell a big lie: yourmoney in your bank is not yours but belongs to the bank.— Yours, etc., A. B. CEDARIAN. October 13, 1969. ’ Sir,-MrX. E. that "production is no longer any physical problem, but only -a fictitious mohetaty one.” Where would Mr Cullen get the great increase of imports that are needed to inerease any production within New--Zealand? As the National Development Conference has shown, the main drawback to the New Zealand economy is lack of overseas funds. How would Mr Cullen dramattfittlk' Mbteasetrour exWajffitlre. has excessive infiation ‘of about 3 per centra year,'A?y more

money, whatever form it is in, will inevitably increase the 3 per cent—Youfs, etc., UNCONVINCED STUDENT. October 13, 1969. Sir, —Having decided to close the door of my shop and return to the North Island I would like to say that 1 wish Mr C. E. Cullen and the I Social Credit Party every success next month. A nation cannot live on a national overdraft created as a second national debt If something new and positive is not tried In an effort to arrest the population, drift then the existing funny-town ey system will do much harm to the South Island—more than in the. North. Siren there will be another family leaving for the North Island. W’e came South in search of “paper gold” only to find that northern pastures tare a wee bit greener and warmer.—Yours, etc., A DISAPPOINTED FAMILY OF SIX. October 13, 1969.