Interest rates
Sir.—T. E. Turner’s remarks regarding usury often come from people with funds to spare but who do not appreciate the ultimate ill-effects of high interest rates. Finance companies do not harvest interest from rooftop trees. The belief that high interest rates discourage spending and boost investment funds is a National Party confidence trick. They merely gather temporarily unwanted funds from various people into one or more speculative pools for passing on at ever higher rates to the business sector and as hire-pur-chase loans. Usury, taxation, and inflation are our antisocial bedfellows, feeding off each other. Probably 80 per cent of consumers are not in receipt of interest income. All are paying higher living costs so that 20 per cent can receive 14 per cent interest on money they can do without for years. Once money begets money as a way of life* its role as a value measure is jeopardised — Yours, etc.,
P. NORMAN DAVEY October 16. 1981.
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Press, 20 October 1981, Page 20
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160Interest rates Press, 20 October 1981, Page 20
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