Indebtedness
Sir,—The latest O.E.C.D. report indicates the severity of this country’s trading imbalance. With countries like Japan sitting on a $21.02 billion trading surplus for 1983 it is understandable why some countries are in debt. Unless countries such as Japan spend their trading surplus on the import of other countries’ exports there is no possibility that free trade can do anything other than cause chaos. For the O.E.C.D. to recommend free trade and devaluation and unemployment as the solution to trading debt, without an insistence on trade balance by creditor nations, is too ridiculous to entertain. Debtor nations have little choice but to control imports and make themselves as self-sufficient as possible from their own resources. With a country like New ZealandjLthis
should not be too difficult, given the proper Government. — Yours, etc., J. SHARP. July 11, 1984.
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Press, 13 July 1984, Page 12
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138Indebtedness Press, 13 July 1984, Page 12
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