Social Credit policy
Sir, — In his reply under the heading “Milton Friedman” to my letter under the heading “Social Credit” policy, Jim Timings makes the statement: “The thousands of millions of credit dollars ... can no longer be related to the paltry S7OM in printed notes.” This appears to suggest that my contention is all money in New Zealand consists of printed notes. That suggestion shows how misconceptions can lead to utterly incorrect conclusions. I said nothing of the kind. I believe nothing of the kind. I said nothing of printed notes. I referred to money which in New Zealand consists of many different forms. Incidentally I would like to know from where Jim Timings got his figure of S7OM of printed money. — Yours, etc., A. MACKAY. May 8, 1981.
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Press, 12 May 1981, Page 16
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129Social Credit policy Press, 12 May 1981, Page 16
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