Economic ‘crunch' on its way—Mr Beetham

Press, 31 March 1980, Page 2

Economic ‘crunch' on its way—Mr Beetham

PA Hamilton

The economic “crunch point” for New Zealand and all Western economies will occur in 1982-83, according to the Social Credit leader (Mr B. C. Beetham). “It is highly likely that in this period the present international financial system, based on the reserve American dollar, will self-destruct; and leave confusion and despair in its wake,” he said in Hamilton. . •

Mr Beetham- said that the conditions would be ripe in many countries for takeovers by dictatorships, either of the Left or the Right. The only democratic alternative, left would be

(Social Credit, he said.

“Whether that is the alternative :to'which people turn !jn- 1984 will depend on how strong -Social Credit appears td be- at . that time, and whether it can convince the electors it is able to bring order out of financial chaos.” ■The only way the league would be in that position by 1984 would be through having already "crashed” i through the 25 per cent electoral barrier at the next General Election, and having captured a significant number- of Parliamentary seat's to make.its claim to be able to govern in. 1984 politically credible.

! Mr Beetham said that the i National Party strategy to- : wards Social. Credit would icome unstuck in its under--estimation of the league’s support. By giving Social Credit a boost at the expense of Labour, the National Party was basing 'its strategy on the assumption that the league would not rise above its present level of support. “This is where M£ Muldoon’s normally dcute assessment of the .’political i scene is awry,” Mr Beetham (said. “What he fails to recog-1 ■nise is that he is getting ai tiger by the tail.” 1