Devaluation
Sir, —New Zealand has just put through a 9 per cent devaluation of its currency. A better idea would have been to announce that the New Zealand pound weight would in future be only - equal to 420 grammes. Then we could cut the price of each pound of butter exported by five per cent and still make an extra profit. Next time things got tough for us the pound weight could be trimmed to 390 grams and so on. Crazy, you say? Devaluation of our dollar at intervals is just as crazy, although other countries’ actions seem to force it upon us. Devaluation is a swindle both to our overseas trading partners and to our own citizens. Competitive devaluation throughout the world leads in the end to nowhere. The world needs some agreed standard (as gold used to be) to anchor the different currencies. Gold is no longer suitable or available, so what are we to have instead?—Yours etc., JACK ROBINSON. September 30, 1974.
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https://paperspast.natlib.govt.nz/newspapers/CHP19741003.2.73.4
Bibliographic details
Press, Volume CXIV, Issue 33655, 3 October 1974, Page 12
Word Count
165Devaluation Press, Volume CXIV, Issue 33655, 3 October 1974, Page 12
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