Social Credit policy
Sir,—l understand that A. Mackay (May 5) is suggesting that trading bank cancellation of loans causes a deficiency of money. As they are a profitmaking organisation, however, they lend out repayments just as fast as they are repaid. Trading banks are one of the major contributors to inflation as they lend money out for the wrong reasons. Milton Friedman, the apostle of free trade bedlamism, has stated that money creation is too vital to be left in private hands. If Social Credit were to concentrate on trading bank reform specifically, they would have many supporters. The Social Credit visitor from Canada stated to the newspapers that the A plus B theorem was no longer relevant in a highly inflated world. For the New Zealand party to persevere with this inflationary theory makes no sense at all. —
Yours, etc., J. SHARP. May 7, 1981.
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Press, 9 May 1981, Page 14
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146Social Credit policy Press, 9 May 1981, Page 14
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