Devaluation
Sir,—lt has been most reassuring to learn that the Prime Minister regards as nonsense reports that the dollar was to be devalued in the near future. However, is it not true that automatic monthly devaluations of .5 per cent have bpen in operation for at least 18 months or so? But, judging past utterances of our leader, maybe he is merely playing his cards close to his chest; and, when we least expect it, Bingo — a 12% per cent devaluation is slapped on our already anaemic buck. The interesting
thought is how much more blood-letting can our debilitated dollar take before it collapses? Then follows the crucial question: what will be the cost of transfusions? Maybe we could flog off Auckland for a few billion yen? — Yours, etc.,
LES BOGREN. December 16, 1981.
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Press, 21 December 1981, Page 18
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134Devaluation Press, 21 December 1981, Page 18
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