Control of credit
Sir, — Mr Kunowski’s reply to my letter on control of credit does not answer my question: who is to control the supply of credit under a Values Government? If Values continue to talk around the issues, using catchy phrases that no-one understands, how are they to capture electoral support sufficient to make them a viable political force? Perhaps Mr Kunowski could explain the following terms and phrases to the ignorant: (11 radically changed (2) economic activity, (3) cooperative manner (4) democratically planned, (5) undemocratic economy. These phrases are subject to many interpretations and in politics you must be more explicit and detailed. To suggest that the State controls the money supply is to be naive. While the quantity of money may be State-con-trolled. the qualitative controls and the cost of credit are largely beyond the con-
trol of the State. One look at the finance houses will confirm this view. — Yours, etc T. J. KAVANAGH. March 4, 1978.
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Press, 8 March 1978, Page 16
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161Control of credit Press, 8 March 1978, Page 16
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