BANKING POLICY
THE. DOMINION’S MOVE. COMMENT AT HOME. “PRINTING PRESS INFLATION.” (United Press Association—By Electric Telegraph.—Copyright.) Received April 13, 8.5 a.m. LONDON, April 11. The Economist, commenting on the New Zealand bank nationalisation move, considers the value of an independent Central Bank as a disinterested adviser to the Government a iar from negligible fact. New Zealand in dispensing with this safeguard makes it more necessary that the Government follow a wise and consistent policy. The Financial News considers that few economists and bankers will not be disquieted by New Zealand’s turning the bank into a complete machine for Government expansionism through the capital market. “Printing press inflation,” whether the Government liked it or not, would be-the inevitable sequel. “The apparently less dangerous inflation now facilitated may not cause immediate alarm, but there is no assurance that a future Government will not take reckless advantage of the dangerous devices now ready at hand. Mr Savage’s good intentions may also suffer from sheer lack of grasp of fundamental economic principles. A Government which links an expansionary social assistance programme with a policy of exchange appreciation hardly seems to have a sure grip of realities,” the paper adds.
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Bibliographic details
Manawatu Standard, Volume LVI, Issue 112, 13 April 1936, Page 7
Word Count
195BANKING POLICY Manawatu Standard, Volume LVI, Issue 112, 13 April 1936, Page 7
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