The economy
Sir,—While there may be merit in some of the economic proposals of Professor Ross, his suggestion that mortgages should be “increased each year by the amount of inflation” is based on dangerously shallow thinking. I used to know a rich American immigrant to New Zealand who hit on the same idea as Professor Ross and actually put it into practice. I warned him that one of the few commendable effects of inflation was that it made it slightly harder for the. rich to become richer, and that he would get into trouble if he did not accept the justice of this. He ignored my warning and persisted with lending people money to buy houses on conditions that the amount owed him should increase each year by the amount of inflation. Justifiably, he was exposed and crucified‘by “Truth” for the human effects of his greed.— Yours, etc. MARK D. SADLER. April 5, 1982.
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Press, 7 April 1982, Page 16
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154The economy Press, 7 April 1982, Page 16
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