Social Credit policy

Press, 23 September 1980, Page 16

Social Credit policy

Sir, — Ann Hercus, M.P.. has drawn attention to a fact which is unpalatable to social creditors —namely at least a surface link between social credit and the fascist League of Rights organisation. The very sharp reaction to this from Socred leaders and support is significant. Louise Moore (September 19) cannot even get her Social Credit facts right. She says British Columbia’s Socred Government has “the longest ruling political record in the Commonwealth.” That statement is not even correct in Canada, let alone the Commonwealth. Alberta’s Socred Government (1935-71) easily beats its counterpart in British Columbia. The Congress Party Government in India (1947-77) holds the Commonwealth record and the Liberal-Country Party Coalition in Australia (194972) is next longest-ruling. — Yours, etc., M. T. MOORE. September 19, 1980. Sir, —P. Norman Davey’s contention (September 17) that money at 3 per cent interest should be made available for financing new industries is typical of Social Credit’s easy money theories. Social Credit would set up a credit authority and create a new Social Credit bureaucracy. It would be impossible to have industries running on easy money 3 per cent loans side by side with those using normal rates of interest so Socred’s new bureaucracy would have to take over ail credit controls and make banks and other lending institutions impotent. Similar policies were tinkered with by the Savage Labour Government which, after getting into a financial hotch-potch, had to recall Mr Nash from Washington to straighten out it’s financial thinking. Easy financial policies lead to financial obesity, financial degeneration and bankruptcy.—Yours, etc., J. F. GARVEY. September 17, 1980.