Restructuring the economy
Sir. — The economy is restructured on credit created by trading banks Like other businesses, the banks owe all their funds tc their shareholders and creditors. The thousand dollars created for me was based solely on my individual ability to renay as the bank required. The banks who advanced the credit to Mosgiel were repaid with the money Mosgiel owed its shareholders and creditors who played their funds against the banks and lost. The only difference between Mosgiel and a bank is that Mqsmel was only creating woollen goods and the company could not compete against a bank which creates monev. All large multinationals •have their own banks and create their own money.
When restructuring is done through such a system it is not hard to figure out who wins as no New Zealand groups own a single bank. — Yours, etc.. JIM TIMINGS. i September 16, 1980.
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Press, 20 September 1980, Page 14
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149Restructuring the economy Press, 20 September 1980, Page 14
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