Monetary policy
Sir,—“Cut. deficits, says IMF” (“The Press,” August 28) “The IMF said that if the United States concentrated on narrowing deficits while retaining strict monetary policies, interest rates would -decline ‘and economic growth would ■ improve,” the article reported. Not so. The formula may have worked before the mid-seventies, when'the positive growth period reached the top of its onward and upward climb. Since then the new era of the pill and abortion bn demand trend is downward. Economic demand for goods has fallen; - productivity has
fallen. The Western world is shrinking. It is past time for our nation to wake up to this reversal, and to think deeply, very deeply, of the decade ahead. “Think Smaller” could be more accurate. — Yours, etc..
G. W. HUNT. August 28, 1982.
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Press, 1 September 1982, Page 20
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128Monetary policy Press, 1 September 1982, Page 20
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